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Wealthy French people are looking to London as a refuge from fresh taxes on high earners pledged by candidates in the country’s presidential elections.
The “soak the rich” rhetoric that has punctuated the presidential campaign has prompted a sharp rise in the numbers weighing a move across the Channel, according to London-based wealth managers, lawyers and property agents specialising in French clients.
London’s status as an international finance hub as well as its proximity to France make it a natural choice for French professionals rattled by the campaign’s hostile mood towards the wealthy. Enclaves of French expatriates are firmly established in areas such as Belgravia and South Kensington, close to the Lycée Français Charles de Gaulle, a popular secondary school.
The departure of France’s business people, entrepreneurs and the young for opportunities overseas is not a new phenomenon. When Nicolas Sarkozy visited London in 2007 he called for its French residents to return to a reformed France under his presidency. But the trend has been accelerated by the growing possibility of a Socialist victory in Sunday’s decisive second round of the presidential election.
Even on economic policy, where Hollande's policies are what Obama wanted, it's not all good news. The new French leader has promised to renegotiate Europe's fiscal pact. "Not possible," the austerity-loving German government of Angela Merkel warned on Monday. There's one thing the Obama administration likes even less than austerity -- and that's the prospect of a renewed financial crisis.
Originally posted by tothetenthpower
Right, but I call him center Right