President Macron and Rishi Sunak shake hands at UK-France summit
Tory MPs have jumped on the latest Brexit Britain success, after it emerged one of France’s top banks is now advising its customers to “move money to Britain”.
BNP Paribas, a multinational bank, says French investors should move their money “out of the eurozone”, in the latest embarrassment for Emmanuel Macron.
The UK stock market received the boost thanks to a “cheap pound”, attractive combination of sectors, and better-than-expected performance of the British economy.
This afternoon Tory MPs reacted with delight at the news.
Deputy party chairman and Red Wall Rottweiler Lee Anderson told the Express the bank’s advice is “more proof that the British public were right to vote to leave the EU”.
READ MORE: Humiliation for Macron as huge French bank tells customers to ‘move money to UK’
“Whilst Great Britain is booming it comes as no surprise that the cash strapped EU are now seeing investors move their cash to the UK”.
He warned: “Only the Conservatives will deliver investment for post Brexit Britain, while all Labour want is to drag us back into the EU kicking and screaming”.
Top Brexiteer and former Secretary of State Dr Liam Fox said the news is “More good news for Britain as the Left’s narrative of doom unravels”.
MP for Thanet South Craig Mackinlay said: “It is rare that a true tricolour-flying French institution like BNP Paribas is recommending investment away from the Eurozone and into the UK”.
“Our economy, whilst having its own difficulties, is showing resilience whilst many EU economies are stalling.
“This is a vote of confidence in UK plc and I’m delighted to see it.”
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Mr Mackinlay explained that the cause of France’s problem is the “roots of the Euro”.
“It is a good times currency but has no inherent support mechanism or safety valve when the going gets tough, measures which are available to economies with true sovereign currencies like the pound, dollar or yen.
Viktor Hjort, the head of credit research at BNP Paribas , told The Telegraph: “The outlook for UK equities is not bad at all. The FTSE is a value market. It has lots of energy and materials and a lot of banks. You can look at the oil price to see where energy is going.”
Oil price rises have provided a boon to the FTSE 100, with BP and Shell comprising around 13 percent of the market’s value.
Interest rates rises have also boosted banks’ profit margins, financial stocks accounting for almost 20 percent of the FTSE100.
BNP Paribas economists expect Britain to fall into a mild recession in the first six months of 2024, but noted the UK economy is faring better than the Eurozone and has proved far more resilient than expected.
The Eurozone meanwhile faces the prospect of a double dip recession, at the same time as optimism grows about the UK post-Liz Truss.
BNP Paribas has assets of more than €2.5 trillion, so the change in official investment advice is a major boost of the UK economy.
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