Au Revoir, Say France’s Wealthy
Here’s something that should surprise approximately zero people: France’s top earners don’t seem particularly enamored with their country’s president, socialist Francois Hollande. The Telegraph reports that been many top banks and firms are moving their offices to London, where Prime Minister David Cameron is cutting the tax rate for those who earn more than 150,000 pounds:
London, of course, already has a French population in the hundreds of thousands, with Chelsea and South Kensington — dubbed the unofficial 21st arrondissement of Paris — packed with French bankers and their families. All of France’s major banks have subsidiaries in the UK. But now the floodgates are creaking open. Estate agents report a spike in interest over the past few weeks as Hollande’s victory seemed certain, with people specifically citing the election as a reason to start looking.
Hollande has publicly said that he doesn’t like rich people. Hopefully he won’t be hurt to find that they don’t like him either.