, Columnist
France-Bashing Doesn't Work for Britain Anymore
Hammond’s warning about red tape for bankers shows London’s weakness.
With the way Brexit is shaping up, Paris will soon be calling the shots over the City of London.
Photographer: LUCAS BARIOULET/AFPThis article is for subscribers only.
Hearing a British politician bash France is nothing new. London’s metaphorical red carpet has been rolled out frequently for wealthy tax exiles and ambitious graduates looking to escape from across the Channel.
But whereas such attacks used to come from a position of strength, the Brexit vote and the election of Emmanuel Macron have altered the balance of power. Take the latest effort from the U.K. Chancellor of the Exchequer Philip Hammond, who has warned London’s bankers to prepare for a blizzard of French-led red tape once Brexit settles down.