Tax avoidance bank plans move to France over Brexit

Last Updated: January 18, 2017By Tags: , , , , , ,

[Image: AFP/DCNH/flickr].

This is not the first time a bank has threatened to leave the UK over Brexit.

We heard Morgan Stanley was going to go, the day the EU referendum result was announced.

And last month we were told “leading banks” would pull out of the UK in 2017.

So this latest threat is no surprise.

It also carries a little more weight than the others, because it follows UK prime minister Theresa Mayfly’s announcement that she intends to take the country out of the European Single Market.

Of course, HSBC is a bank with a tarnished reputation, having been found to have helped thousands of wealthy clients to evade hundreds of millions of pounds worth of tax.

Does that make it attractive to the French government?

HSBC bank would likely switch 1,000 jobs to Paris from London, with Britain planning to leave the EU single market under Brexit, chief executive Stuart Gulliver told Bloomberg Television.

Speaking from the World Economic Forum in the Swiss ski resort Davos, Gulliver said in an interview that “about 1,000 jobs which are carrying out activities which are covered by European legislation… would probably need, in our case, to go to France”.

While Gulliver had in the past already hinted at such a switch of investment banking jobs, his comments appeared more precise as he suggested France would take precedence over other EU nations.

“We bought Credit Commercial de France in 2002, so we have a full service universal bank in France. And so for us, it’s France.”

Activities covered by European financial regulation that would need to move equate to about 20 percent of revenue earned by HSBC’s investment bank division in London, Gulliver added.

Source: Brexit boost for France: HSBC set to switch 1,000 jobs from London to Paris

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  1. Keith Turner January 18, 2017 at 1:47 pm - Reply

    Well that will save us having to bail them out next time they Fcuk up & maybe we can get back to having industries that make stuff we can sell rather than invented money from Banks!

  2. jeffrey davies January 18, 2017 at 2:41 pm - Reply

    bye bye banks but before you go pay back that bail out monies recieved from the peasants then you can go

  3. Rupert Mitchell (@rupert_rrl) January 18, 2017 at 5:29 pm - Reply

    What would they do if May really did go ahead and make this little island a tax haven for such organisations though? Such an action would be totally abhorrent to ordinary decent folk but knowing the greed of so many large organizations and super rich magnates I fear many would love to take advantage of it. That, of course, would be of no benefit whatever to the ordinary person in the street and would only further enrich the existing multi millionaires and billionaires.

    • wildswimmerpete January 19, 2017 at 1:06 pm - Reply

      That’s why London is being cleansed of plebs, to make room for the 1%. Personally if I had that sort of money I’d seek a tax-haven in warmer climes, not the grey capital of a cold, sunless, grey UK.

  4. mohandeer January 18, 2017 at 5:40 pm - Reply

    In the grand scheme of things, it doesn’t matter whether they stay or go. The Right Wing governments will simply throw billions of British Tax payers funds into the Corporate “honey pot” to encourage big losers(because apparently they are never in profit when it comes to pay back time)to come to Britain.

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