Cameron promises red carpet for ‘over-taxed’ rich French citizens
British Prime Minister David Cameron cheekily declared that Britain would open its door wide to France's rich if they flee abroad from steep tax hikes proposed by the new French government.
During this year's political campaign, France's newly-elected president, Francois Hollande, proposed hitting France's wealthy with a 75% tax on any annual income beyond one million Euros.
Anticipating a mass exodus of French top earners, Cameron said refugees from the tax would be welcome across the English Channel.
“When France sets a 75% top income tax rate we will roll out the red carpet, and we will welcome more French businesses which will pay their taxes in Britain,” he said.
“That will pay for our public services and our schools,” he added, during an address to business leaders at the G20 summit in the Mexican resort of Los Cabos.
Cameron, faced with his own weak economy, has resisted hiking taxes to boost state income, while Hollande is pushing to boost government income to help cut the French deficit.
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16 comments Feed
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We don't want any any more French people in London thank you very much.
Um err....unless they're rich in which case come on in and make yourself comfortable - especially if you're like the CEO of Signia Wealth
Simply tax.everyone at 20% of total over tax free allowance and then tax consumption. More wealth means more consumption which is more progressive than punishing the talented.
I would go further and say tax everyone the same level of income tax,whether it is 20% or 30% or 40% and scrap VAT, and tax on ciggies, petrol etc - that really gets consumption going.
This really is quite cheeky of DC, but good on him. A Scarlet Pimpernel for modern times.
If adjustments are necessary to keep the population numbers in check, just deport a commensurate number of legions of Argentinian and Brazilian prostitutes who lower the tone of the neighbourhood.
Because at this rate noting will be left in UK after his turn in office.
But... didn't you realize that your country is in a worse situation than France ?
Why is your GDP lower than France's ?
Why is your GDP per inhabitant lower than France's ?
Why do your fellow citizens go to France for better healthcare ?
Why do your fellow citizens go to France for retirement ?
Why fo your fellow citizens have such a high personal debt ?
And so on...
Maybe you should think before talking.
Or, in other words, you just lost another good opportunity to shut your mouth.
There are far more French working and seeking work in the UK than vice versa.
But outside this very limited world, there aren't many french seeking a job in UK.
Anyway, this does not change the fact that UK - and mainly its citizens - are in a worse situation than french citizens. It does not change the fact that foreigners have invested in France much more than in UK the past years.
And don't dream : the arrival of socialists in France will hardly change that.
I have no dreams about this I assure you. I am neither French nor English. If France is receiving more foreign investment than the UK that is great, well done France.
But I would question your assertion that the French have it better than the Brits. I am sure there are some indicators that would suggest this and some that would contradict it. For example when GDP per capita is adjusted for purchasing power parity (which is what you feel in your pocket) the UK is higher than France.
On top of that economic migration is from France to the UK not the other way round.
The financial world is not “limited” it is one of the most significant parts of the UK economy.
British universities are also in much higher demand than French ones.
France and UK have very similar quality of life / life expectancy / income per household and so on.
You forgot to mention:
Why do your Royal Navy go to France for a Carrier?
Why do your fellow citizens go to France decent job?
Why UK has an external debt 480% bigger that it’s GDP?
Sure someone cans add more whys.
@ Condorito
I love that you now are using PPP to make your point, but is not that was not right for Argentina case?
Standards of living in France are higher than in UK. They have better education, better health service, etc, etc.
“On top of that economic migration is from France to the UK not the other way round”
That is true in some areas (finance, typically), but I doubt it is more general.
“...when GDP per capita is adjusted for purchasing power parity” : how do you estimate purchasing power parity ?
Don't forget that household debt in UK is way higher than in France... So I strongly doubt that the purchasing power is higher in UK. French citizens do save a big amount of their income (about 15%), to be compared to around 2 % in UK (2010 figures).
“So I strongly doubt that the purchasing power is higher in UK”
You may doubt it, but the OECD (a French based organisation) doesn’t.
France certainly does have an enviable public health system and their education system scores more highly than the British on some measures.
But the UK education, especially higher education, is superior to French in many areas. The most impartial university ranking (produced by the University of Shanghai) puts UK universities miles ahead of French unis.
French professional seek work in many UK hi-tech industries, especially in biotech where places like Cambridge and Edinburgh are global leaders.
Anyway, as I said before, it is a moot point, France and the UK are very similar in terms of development, welfare, economy, health, etc.
@Dany
I have never mention PPP relative to RGland.
External debt is not government debt.
”The most impartial university ranking (produced by the University of Shanghai) puts UK universities miles ahead of French unis.”
We might discuss some of the indicators used by the Jiao Tong University of Shangai ranking, but anyway that is a very narrow point of view :
1) it concerns only scientific areas
2) it concerns only higher education : what about “plain citizen” education ?
3) research papers' publication is a very important indicator in this ranking, but how many researchers have been educated in the country they live and work in ? (I think specifically of US and UK, where many scientists are foreigners, educated in their country and pursuing post-graduate studies abroad, then finally settling down there). UK and US are attractive from this point of view because of high wages, I agree.
To elaborate on that :
1) 10 Fields medal winners are french, only 6 are british (I admit that there are more Nobel prize winnes in UK, though many of them have been educated elsewhere - 26 exactly out of 116, which is significant)
2) the OECD places France ahead of UK in the world education ranking, which is a much more significant indicator since it concerns “plain citizen” education (OK, not that many places ahead, but still...)
Purchasing power is one thing, overall budget is another. And if you look at the household debt of UK citizens... my oh my ! 143 000 USD per capita !! And less than 75 000 USD per capita in France... Are you sure that UK citizens live by their means ?? I don't think so.
Also, according to United Nations' Human Development Index, France is also ahead of UK.
Well, I agree with you, we could continue like that for quite a long time, and I'm pretty sure that you could find other arguments to contradict me. The point is : since, sure as hell, the situation in UK won't improve in the coming years (the debt will have to be paid somehow, or to be eliminated through high inflation), I can't imagine a flood of french people moving to UK.
Can you please stop embarrassing yourself?
France has much better living standards that UK in fact even Italy used to have better paid jobs and living standards.
“French professional seek work in many UK hi-tech industries, especially in biotech where places like Cambridge and Edinburgh are global leaders.”
Again stop talking about what you don’t know British are the most overseas job seekers in Europe.
There is plenty in Germany, Italy, Spain, Australia, France, Norway, Netherlands, US, etc.
I guess you are not British (at least English).
Where are you from Condorito?
“External debt is not government debt.”
You are right but external debt are made by public and private debt and when the privates like the banks and big corps are not able to pay the Govt. has to rescue them like in the case of US, UK, Spain, Greece, etc.
So after all ends as a public debt.
So a govt. like UK with a ratio debt of 489% to GDP is in big trouble almost 5 times its GDP is hold by foreigners lenders.
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