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Economy

France pitches for post-Brexit business with top earners' tax cuts

media The Eiffel Tower with the La Défense business district behind it Reuters/Charles Platiau

France on Friday announced tax cuts and other incentives to try to attract finance houses from the City of London to Paris as Brexit approaches.

A tax on financial transactions, due to be extended in 2018, will be scrapped, as will the highest tax bracket on salaries, Prime Minister Edouard Philippe announced on Friday.

And the bonuses of "risk-takers" - traders, for example - will no longer figure in the calculation of redundancy pay as part of a raft of measures to attract companies who want to keep easy access to European Union stock exchanges after the United Kingdom quits the European Union.

The Ile-de-France region around Paris is to open three more international high schools in the hope of attracting English-speaking finance workers.

As soon as Brexit was decided, the previous French government started pitching to persuade businesses to leave the City of London and come to Paris's La Défense business district.

Although it has announced that it will make drastic budget cuts - the latest being the scrapping of the first day of paid sick leave for public employees - President Emmanuel Macron's government is committed to tax breaks for businesses, arguing that they will create jobs.

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