World Trade & Investment Network

Slide 1
World Trade & Investment Network

Connecting the dots.
Trade and Investment Opportunities - worldwide.

Slide 2
YOUR GLOBAL PARTNER FOR TRADE AND INVESTMENT NEEDS

World Trade and Investment Network

Slide 3
Contact Us
previous arrow
next arrow

France is becoming the new Britain

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.comT&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/f3ef3af0-83e1-414d-83ee-c860bf19053d

In 2002, I moved from London to what was then a blessedly cheaper Paris. London had its almighty banks; Paris was the “Capital of the 19th Century”. In fact, I felt I was emigrating from modernity. France then had lower average incomes than the UK and got less foreign direct investment (FDI), partly because of its constant strikes. In foreign policy, France acted as a kind of dissident loner whose views were mostly ignored. The countries are twins: two absurdly over-centralised former empires of 67mn people, forever struggling with deindustrialisation, where the past overhangs the present like a shroud. But, back then, the British twin was dominant. When Rishi Sunak crosses the Channel on March 10 for the first Franco-British leaders’ summit since 2018, he’ll notice the changes. The country whose contours most resemble Britain is starting to replace it. France is taking over some of the UK’s traditional functions. Almost 20 years ago, I watched on TV as Britain won a momentous if Pyrrhic victory over its neighbour. The UN was debating the coming invasion of Iraq. Dominique de Villepin, France’s foreign minister, spoke against war, in French, while most delegates listened to the translation on their headphones. It was a metaphor for France’s modern role: De Villepin expected to be heard by the world, but wasn’t quite. He finished, “This message comes to you today from an old country, France . . . ” Jack Straw, Britain’s foreign secretary, replied: “Mr President, I speak on behalf of a very old country, founded in 1066 by the French.” The delegates — almost all listening to him without headphones — guffawed. British wit had pricked French pomposity. The UK, a pillar of what was then called “the international community”, prevailed on Iraq. France was proved right but didn’t benefit much. In 2008 John Ross, adviser to London’s mayor, sniffed: “We don’t think of ourselves as in competition with Paris. We’ve won that contest.” Nicolas Sarkozy, then the French president, reflected later that the UK “had won the linguistic battle, the financial battle, won the battle of symbols through its monarchy”. But after 2008, France’s ruling class showed superior survival skills: the financial crisis didn’t enduringly puncture its economy and there was no Frexit. When I asked French industry minister Roland Lescure whether Brexit was benefiting France, he replied: “Yes, without ambiguity. The UK was the haven for FDI in Europe. We are more attractive than ever. I think Britain is less attractive than ever.” With Britain no longer the obvious place for international companies to place their European headquarters, France now tops it for FDI.

Read more..

Scroll to Top