Germany warns EU members about a tax-cuts race to attract Brexit business

Thursday, July 7th 2016 - 06:33 UTC

Full article 7 comments

German Finance Minister Wolfgang Schaeuble has said he opposes a “race to the bottom” of competitive tax cuts. He spoke after George Osborne pledged to cut UK corporation tax in response to the Brexit vote and from Paris, in an attempt to attract UK businesses, the French government promised its taxes will be the most favorable in Europe. Read full article

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Conqueror
I thought that Brexit was supposed to lead to the major decline of the European economy. I don't know too much about financial markets but, in these days of technological trading, does it matter where the “centre” is? One thing that can be said about London is that it has experience. France and spain are, of course, financial giants. That, no doubt, explains why both have economies teetering on the edge of disaster. Aren't these European countries that believe in a “transaction tax”? How nice to have a financial centre unaffected by the failing eurozone!
Jul 07th, 2016 - 08:18 am - Link - Report abuse 0
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Briton
Well apparently the German bank could well be on its knees,

and guess what, its all our fault.
Jul 07th, 2016 - 12:54 pm - Link - Report abuse 0
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Pugol-H
Financial centre, in France!!!!!!!!!!!!!!!!!!!!!

Who the F*ck do they think they are kidding.

Futures markets, hedge funds, short selling, AngloSatinic economics, IN FRANCE, Sacre Blur, cest impossible.

For years they have wanted to regulate and tax out of existence many aspects of financial trading in the City, now they are going to try an compete in it.

By the time the UK leaves the EU they will have taxed and regulated such businesses out of existence in the EU, and any hope of a financial centre with it.
Jul 07th, 2016 - 06:01 pm - Link - Report abuse 0
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Redrow
@2 Definitely worth keeping an eye on Deutsche Bank. It's derivatives position is truly staggering. Between it and the Italian banks I doubt the ECB will consider Brexit all that high up its list of problems this summer.
Jul 07th, 2016 - 07:30 pm - Link - Report abuse 0
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chronic
Lowering taxes is a race to the bottom.

Don't you just hate a price cutter?
Jul 08th, 2016 - 12:49 am - Link - Report abuse 0
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Pugol-H
@5 chronic
Healthy competition, much better than cartels.
Jul 08th, 2016 - 03:28 pm - Link - Report abuse 0
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brasherboot
”we want to make Paris Europe's top financial centre,”

Banks are very aware of the high tax, low flexibility of a socialist France. They'd be foolish to move to Paris. London is the most powerful financial hub in the world and it got there because its the best.
Jul 13th, 2016 - 01:13 am - Link - Report abuse 0
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