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Senior U.S. bankers who Sapin met with last week in Washington
indicated that they were no longer considering whether to leave
London but plotting the transfer of business, Sapin said.
"There will be a transfer of activities to the continent. I
don't know what magnitude and I don't know exactly what
activities, but there will be a transfer of business to the
continent," Sapin told a news conference.
"That's the inevitable consequence whatever the outcome of the
Brexit negotiations," he added.
The French government is hoping to attract as much business
leaving London as possible by fast-tracking the registering of
firms and extending tax benefits expatriates can qualify for.
However, France's comparatively high taxes remains an obstacle
as does the Socialist government's support of financial
transaction tax in 10 EU countries.
Sapin said that progress on the long-stalled tax was made a at a
meeting in Luxembourg and that the European Commission had been
tasked to come up with a proposal by the end of the year.
(Reporting by Leigh Thomas; Editing by Toby Chopra)
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