INFO Magazine | The Future of the City

T H E

M A G A Z I N E

F O R

A N G L O - F R E N C H

FRENCH CHAMBER OF GREAT BRITAIN  www.frenchchamber.co.uk

B U S I N E S S

SEPTEMBER / OCTOBER 2017

The

Future of the City

ALSO IN THIS ISSUE:

Exclusive interview with Vincent de Rivaz CBE, CEO EDF Energy Interview with outgoing French Ambassador Sylvie Bermann Analysis of the City by Jonathan Reynolds MP and much more...

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EDITORIAL

Estelle Brachlianoff President, French Chamber of Great Britain Senior Executive Vice President of Veolia UK & Ireland

I

hope you had an enjoyable summer and a good rentrée.

This issue of INFO focuses on the financial sector which is critical for the UK economy. Providing a

significant amount of jobs, it contributes more than £70bn in taxation every year to the national coffers. It is a global leader in a number of areas, including investment banking, insurance, market infrastructure, asset management and, newly, FinTech.

Yet amid the turbulence of Brexit, the future of UK financial services – what we are calling The Future of the City – is far from certain. Questions abound around its ability to remain competitive in areas such as staffing, funding and innovation. How, for instance, will the City continue to attract the best and brightest?

Will the tax system be simplified? Will emerging services, like FinTech, continue to attract the kind of funding it needs to grow? Not to mention talk of banks relocating their headquarters to the continent.

We tackle these issues and look ahead to what is in store for financial services. Far from a unified picture of what may happen, we see diverse opinion and debate around the issues central to Brexit – the effect of staying or leaving the customs union, the concerns of the business community and how this all flows through the British economic ecosystem.

We hear from big players in insurance and professional services – AXA and PwC respectively – who diverge on issues of Brexit’s ultimate impact. Innovate Finance and Kantox provide a view from the fledgling FinTech industry, sharing concern about its ability to continue to thrive in the capital.

The Centre for London, London’s dedicated think tank, proposes a road map which complements the contribution of the Confederation of British Industry: namely, that a period of guaranteed status quo is needed to allow companies the chance to adapt. Importantly, most experts we spoke to believe that London’s (and Britain’s) resilience will see us through whatever Brexit has in store.

In this issue we also bid farewell to two friends and valued supporters of the Chamber. Vincent de Rivaz is to step down from the helm of EDF Energy after more than a decade in the role. He opens up about his fondest memories and greatest challenges in our interview with him on page 10.

We will also greatly miss HE Ms Sylvie Bermann, the outgoing French Ambassador to the UK, now French Ambassador to Russia. We remember the countless events she attended and hosted on our behalf and the exceptional contribution she made to the Franco-British community. We are pleased to welcome her successor, Jean-Pierre Jouyet, and look forward to working closely with him and his team at the French Embassy.

Finally, please make sure you have a look at our Forums & Clubs and Events sections, which detail the important work of the Chamber over the past months, and announce the great line up of events we have planned for the autumn.

I hope you enjoy reading this exciting issue. I

info

- september / october 2017 - 5

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Future of the City 30 37

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INFO

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CONTENTS

The

T H E

M A G A Z I N E

F O R

A N G L O - F R E N C H

FRENCH CHAMBER OF GREAT BRITAIN www.frenchchamber.co.uk

Interview: HE Ms Sylvie Bermann

BUSINE S S WOR LD

Interview: Vincent de Rivaz CBE Five minutes with...

Christine Ourmières-Widener, Flybe Brexit: Analysis and Key Dates Business News & Analysis Success Story: Ponant Start-up and SME News Profile: AMA XpertEye Education news Profile: Kaplan Reports and research

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Culture: What's on Book reviews Lifestyle: Eat, Drink, Stay Interview: Marcus Wareing, Chef, Marcus at the Berkeley Cheese & Wine

The

SEPTEMBER / OCTOBER 2017

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14 19 23 24 25 26 27 28

CULTUR E AND LIFE S T YLE

THE FUTURE OF THE CITY

8

B U S I N E S S

SEPTEMBER / OCTOBER 2017

Future of the City

ALSO IN THIS ISSUE:

Exclusive interview with Vincent de Rivaz CBE, CEO EDF Energy Interview with outgoing French Ambassador Sylvie Bermann Analysis of the City by Jonathan Reynolds MP and much more...

AT THE CHAMBE R

54 55

57

Managing Director: Florence Gomez

Introduction by Florence Gomez French Chamber News 10-year Anniversary: Florence Gomez New members

FOCUS | THE FUTUR E OF THE CIT Y

FORUMS & CLUBS

30 Introduction 34 London After Brexit

Centre for London 35 The Time to Prevaricate is Over

Vicky Pryce 36 Remaining in the City

Banque Transatlantique 37 London's Potential Banking Exodus

UBS Wealth Management 38 The State of London's FinTech Kantox 39 FinTech's Passporting Problem

Innovate Finance 40 Brexit: Not an Existential Threat

Jonathan Reynolds MP 41 Resilient Markets

London Stock Exchange Group 42 Weathering the Brexit Storm AXA 43 The Need for Transitional Arrangements

UK Finance 44 Why We Need the Digital Skills Visa PwC 45 What next?

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Editor: Jakob von Baeyer Cover & Graphic Design: Katherine Millet Editorial Assistant: Sophie Achary Sales Manager: Suzanne Lycett Contributors: Abdul Basit, Amanda Blanc, Nicolas Bosetti, Richard Brown, Gwenolé Le Blevennec, Nick Forrest, Philippe Gelis, Serge Harry, Sapna Patel, Vicky Pryce, Jonathan Reynolds MP, Andrew Rogan, Dean Turner

Luxury Club 'The Most Popular Art Exhibition Ever' Start-up and SME Club The Art of the Pitch Retail Forum Property: Key Challenges and Drivers HR Forum Developing High Performance Teams Climate Change & Sustainability Forum Energy Efficiency: The Forgotten Priority Finance Forum The Impact of Brexit on Finance Forthcoming Forums & Clubs

Advertise in INFO: Please call our sales team on +44 (0)207 092 6651.

Alternatively, please email: advertising@ccfgb.co.uk INFO is published every two months Printed by: CPI Colour

CHAMBER EVENTS

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Distribution: French Chamber members, Franco-British decision makers, Business Class lounges of Eurostar, Eurotunnel and Air France in London, Paris and Manchester

Past event highlights Rendez-vous chez Belle Assiette; Sylvie Bermann Book Launch; Summer Champagne Reception; Business Club Cocktail Hauts-de-France; Business Club Cocktail Coorpacademy From Scratch to Success: Business Stories Pascal Cagni and Didier Rappaport Forthcoming events

INFO is published by: French Chamber of Great Britain Lincoln House, 300 High Holborn London WC1V 7JH Tel: (020) 7092 6600 Fax: (020) 7092 6601 www.frenchchamber.co.uk

info

- september / october 2017 - 7

AMBASSADOR'S DEBRIEF

HE Ms Sylvie Bermann ‘Bilateral relations will not replace European cooperation, but they will become more important’ The outgoing French Ambassador to the UK, HE Ms Sylvie Bermann, reflects on her time in the UK, the challenges ahead and what she will miss most about life in the capital

Looking back over the past three years, what are some of

Do you believe in a potential ‘reversal’?

your lasting memories?

I have noticed that the people I speak to have been

In my three years in the UK, I have witnessed two

mentioning the possibility of a ‘reversal’ of Brexit increasingly

referendums. I arrived in the context of the Scottish

often. Many things are possible so long as Brexit negotiations

referendum – which made for a very interesting first weeks.

aren’t finished. However, though the door remains open, it is

My most memorable moment, however, is undoubtedly the

much more difficult to backtrack the further talks progress.

June 23rd referendum. I usually describe it as my ‘longest night,’ as we waited for the final result into the early hours. It

As the first woman in the role, what can you say about

was a moment of great disappointment for me. I, along with

the role of women in top diplomatic jobs?

many others, did not expect such a result.

I am thrilled to see that a growing number of women are

I was also deeply touched by the poignant displays of

working in the highest ranks of French diplomacy. The

solidarity, following the terrorist attacks in France and the

number of female Ambassadors has more than doubled since

UK in recent years. I remember the tributes organised at

2012. And while I don’t think the way in which diplomatic

Wembley Stadium in November 2015 and at the Stade de

jobs are done varies greatly between men and women, I am

France in June this year, and how they highlighted the unity

convinced that it is necessary to reinforce the role and place

between our nations and in particular, London and Paris.

of women at all levels of the administration. Doing so would help change perceptions, show leadership by example, and

You’re leaving the UK at a time of great uncertainty, what

inspire new generations to work in this field.

does the future hold for Britain?

I will not take the risk of making any predictions, given the

What are your expectations for the newly launched the

number of surprises and unexpected outcomes we’ve seen

Franco-British Young Leaders Programme?

in the past years. The future of the UK will, in my opinion, be

My hope for the programme is that it serves to foster ties

determined to a great degree by the Brexit negotiations. It’s

between an incoming generation of French and British

up to the UK to say what it wants from it. Europe is ready

leaders. Over time, our expectation is that this will have a

and waiting. Whatever happens, one thing is certain: Franco-

positive impact on bilateral relations at many different levels:

British relations will continue.

politics, business, arts, culture, media, etc. I am extremely proud to have seen this project come to life. I hope it will be

As Brexit continues to be worked out, how do you see the

regarded as one of the legacies of my ambassadorship.

relationship between France and Britain evolving?

Bilateral relations will not replace European cooperation

London has been your home for the past three years,

in every instance, but they will of course become more

what will you miss most about life in the capital?

important in the aftermath of Brexit. We will continue to

I’ve loved living here. Four things have stood out when I reflect

cooperate in many fields, such as defence, research, and

on my experience here. First its greenery. London boasts

education.

so many parks which make life here so unique. I remember

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H E M S S Y LV I E B E R M A N N

telling a surprised reporter that I loved being able to see

You’ve been a great supporter of the French Chamber. Of

foxes, from time to time. The second thing I’ll miss most is

the many events you attended, which ones stand out to

the culture. London is truly a global city, and an international

you and why?

centre for art, literature, theatre, film, and photography. I’ve

The Chamber’s annual gala dinner is a very important event

loved being able to see so much, so often – it’s sensational.

on London’s social scene. The invitees and speakers are

The capital also strikes a unique balance of tradition and

always remarkable, and it reflects the importance and quality

modernity. From Marylebone to Shoreditch, London is so

of the work of the Chamber. This year, the Chamber used

diverse, and has managed to preserve its history all the while

its annual dinner to organise a fundraiser for the French

fostering some of the most avant-garde ideas and talents.

charity Emmaüs, which I particularly appreciated. The annual

The City is a perfect example of this: one minute, you walk

conference is also something which shouldn’t be missed, as,

past a Victorian pub in a tiny alley – the next, you’re standing

every year, it delves into a subject which is of shared interest

in front of a glass and steel skyscraper. Finally, I will miss the

for British and French companies. I also have fond memories

extraordinary people who call this city home. London attracts

of the Chamber’s ‘Dîner des chefs’, which never fails to bring

the most amazing individuals from all corners of the world,

together fascinating individuals around exquisite tables and

and I will miss the privilege of being able to exchange and

food. I

learn so much from them.

The Ambassador’s London My favourite thing to see has to be an opera or ballet at the Royal Opera House in Covent Garden. There’s something so special about this legendary stage and house.

I’ve also been a regular wanderer in the Theatreland. One of my favourite productions has been James Graham’s ‘This House’ at the Garrick Theatre.

Combine that with a dinner at Rules (London’s oldest restaurant) a few roads down, and you have a perfect evening.

I’ve also loved going for a stroll in Kensington Gardens. On a beautiful day, in the middle of the park, it’s hard to believe you’re in one of the world’s busiest cities

info

- september / october 2017 - 9

Exit Interview

Vincent de Rivaz CBE, CEO EDF Energy When Vincent de Rivaz formally steps down from the helm of EDF Energy at the end of October, he will have been in the role for sixteen years and forty at the EDF Group. Starting from London Electricity Group, and through several acquisitions, he led the creation of EDF Energy, which has become the largest supplier of electricity in the UK and the country’s largest producer of low carbon electricity.

He was instrumental in overseeing and delivering the long process behind Hinkley Point C, currently under construction in Somerset. It will be the first new nuclear power plant in the UK since Sizewell B became operational in 1995. Hinkley, which will soon become one of the largest construction projects in Europe, has been challenged many times and continues to attract attention.

In this interview, Rivaz reflects on the highlights of his career, as he begins a farewell tour of the company, visiting a number of their offices and power plants across Britain.

What are the key messages that you will deliver on your

right balance between our shareholders, our customers,

farewell tour?

our employees and the planet. The message was: we cannot

The first thing is to thank the people. I’m deeply thankful for

be profitable if our customers are not happy. We cannot

everything they have done. From the power plants to the call

be sustainable, in the long term, if our employees are not

centres. Technicians, finances, HR, graduates. Apprentices,

happy. We cannot succeed durably if we are not a force for

everybody. They are great people. The second message is

good. This was the basis of social sustainability and corporate

pride in our achievements. In sixteen years, we have had

responsibility at EDF Energy, combined, at the same time, with

our highs and lows, challenges and mistakes. But overall it

safety, operational performance and profitability. At the time, it

is a very successful story. And I can share this great sense

was considered a bit of a novelty in the UK.

of achievement with them. The third message is confidence in the future. In the first three months of this year, we have

What role did concerns about climate change play in this

developed a project called EDF Energy 2020. We have a very

strategy?

clear road map of what we need to do in the next three years

In the early years, regarding energy policy, I saw a kind of

to continue the success story into the next decade.

‘trilemma.’ Today the questions of security of supply, climate change and affordability are commonly shared in our industry.

What are the priorities outlined in the EDF Energy 2020

If our number one priority as an energy company is to keep

project?

the lights on, how do we progress? We have a common enemy,

It is not about business as usual. It is about adapting and

which is climate change. We have a common goal, which is

transforming in many areas. It is about innovation. It includes

security of energy supply. We have a common objective, which

entering in new businesses, like new offshore wind, batteries,

is to deliver this supply in an affordable way. This is the gist

auto-consumption, and the business of deconstruction of

of our vision. It is not about either/or, it is about considering

our existing nuclear plants. Digital transformation will have

these questions and their solutions together. Dare I say: to

to accelerate in all parts of the business, crucially in our

do these things at the same time. Therefore our low carbon

customers’ business. We will continue to expand our energy

future is nuclear and renewable.

services business, which we began in July with the acquisition of a new energy services company. We are not sitting on our

Nuclear energy can be a controversial issue. You spoke

hands. We will continue to innovate with our people at the

about it with Andrew Marr on the BBC.

centre of all we do. My farewell tour is not backward-looking. It

It was in March 2011, after Fukushima. A terrible event. As

is about the company in 2020 and beyond.

the leader of nuclear in the UK, I decided to respond to Andrew Marr’s invitation to come and speak about it, even

How does this reflect the values you instilled in the

as the events in Fukushima were still unfolding. They were

company?

not easy circumstances for me. I told him three things. One:

In the early years, my motto was: ‘Striking the right balance’.

there are casualties and we have to think about the victims of

EDF Energy was founded on this principle. Obviously, we

the tsunami. Two: The nuclear industry has to learn. And the

have to be profitable and give a return to our shareholders;

lessons will be applied. And three: we have the good fortune

which we do. But, at the same time, we have to strike the

in this country to have a strong, credible and independent

10 - info - september / october 2017

E X I T I N T E R V I E W : V I N C E N T D E R I VA Z

Vincent de Rivaz meeting with employees at Torness power station during a farewell tour in Scotland

nuclear safety regulator. It has to play a critical role to assess

business with a strong brand, a British business – but without

what has happened, and what the consequences are the UK.

hiding our flag. We were the pioneers in doing that. I would

I concluded by saying that at the heart of my values there

not have chosen the name of EDF if it were for the short term.

are two words: humility and leadership. Humility is about

If we entered the market and left by a revolving door, as our

acknowledging the facts, and respecting the people, including

competitors did in the early days, I would not have done this.

those who have a different view to yours. Leadership is about

When you have such a brand, such a flag, it is wrong to step

keeping the long-term vision in sight and doing what it takes

back from it. We signalled that we were here for the long-term.

to meet the country’s needs. In these circumstances, what this

It was a very strong message.

country needed was to continue with new nuclear and not abandon it like the Germans did, with huge consequences on

One of the ways that some British people would have

CO2 emissions.

encountered EDF was not as an energy supplier, but as a

Hinkley Point C shows that others believed in EDF Energy’s

I remember when, in 2005, Keith Mills, one of the leaders of

vision.

the London bid, visited me in my office. The bid was in a very

There has been a cross-party consensus in the UK over the

poor state at that stage. If you refer to what was being written

past decade on the role of nuclear as part of a diverse low

in the newspapers, London was a likely loser. Mills pitched the

carbon generation mix. The attitude of the general public

vision for 2012. I was really impressed. And he asked me if EDF

towards nuclear has remained positive in recent years –

Energy was interested in becoming a sponsor. It did not take

around 50 percent. None of these would have been possible

me long to say yes. I was convinced by his vision. And I had

without EDF Energy being recognised as a credible nuclear

only just created EDF Energy in July 2003. The brand was not

operator in this country. When EDF Energy acquired its eight

known. The problem was, I was about to put my money on a

nuclear power stations in 2008, the output was 40TWh.

bid expected to lose. Big risk, big reward.

sponsor of the London 2012 Olympics.

Last year, they achieved an historic 65.1TWh, a 60 percent improvement, coupled with highest-ever safety records. This

Of course, London did not lose the bid. It beat Paris, the

outstanding result has been instrumental in the success

capital of your native country.

of Hinkley Point C. I visited the site earlier this month.

I was in the room in Singapore in 200 when the winner was

Construction is now well underway with 2,000 people working

announced. Jacques Rogge, Chairman of the IOC was alone on

there every day. We are making it happen. Today Hinkley Point

stage. The last two candidates, Paris and London, were there.

C, and tomorrow Sizewell C and Bradwell B, will play a major

All of the journalists were next to the Paris delegates, believing

role in the country’s future energy infrastructure. Of course I

they were the sure winners. Mr Rogge opened his envelope

am conscious of the critical cost issue. We have re-launched

and spoke slowly, ‘and the winner is...’ In a blink of an eye all

nuclear construction at Hinkley Point C with a project that will

the journalists rushed over to us, not to miss this moment

deliver good value to customers. As a result, we will be able to

of our explosion of joy – which was also in Trafalgar Square

build our future projects at lower cost, delivering reliable low-

where people were waiting for the news.

carbon power at a lower price per megawatt hour.

Incidentally there was a colleague from EDF in the Paris bid team. He came over to shake hands and say well done.

What led to your decision to retain EDF – the name of

It was a bold move for me to support the London bid as a

the French national energy supplier – in name of your

Frenchman. But the gamble paid off. The mood of the country

company in Britain?

was great, the mood of the company was great. Now, of

The message was clear: We are going to build a strong

course, I wish all the best to Paris 2024. I Interview by JVB

info

- september / october 2017 - 11

Five minutes with...

Christine Ourmières-Widener CEO, Flybe Christine Ourmières-Widener has had a lengthy career in the aviation and travel sectors, having started in the maintenance department of Air France before working her way up to become the airline’s Vice President. She joined Flybe as CEO in January 2017.

As a recently appointed CEO of the UK airline Flybe, what

was born in Jersey – we will celebrate our fortieth anniversary

are your priorities for the business?

there in 2019. We also have experience connecting to the

It is a very exciting time for Flybe. For the first time, we are in

Channel Islands and the Isle of Man. And just last Friday we

control of our capacity. What does this mean? Our fleet size

opened routes to Shetland, Orkney and Stornoway.

is under control. This was not the situation before this year, because we were opening new routes with too many aircraft.

Where does your passion for aviation come from?

We reached our peak fleet in May of this year. Now we have

I am an engineer by training. Early on in my studies I decided

begun to hand back aircraft – we will hand back six planes

to study aeronautics, and for me there were only two career

this year. And by doing this, we can optimise our network, our

options: working in the defence or civil aviation sectors. So

routes. It is not only about destinations, it is also about finding

I started as an engineer, and then did exactly what I had in

the best network, frequency, and timing, which are in line with

mind. I moved into IT, then to commercial, then owning a P&L.

our customers’ expectations, both for leisure and business

Then I moved to a CEO job. The airline industry can provide

travel.

fantastic careers, though it can be a very difficult industry. Not

At the same time, we have put in place a strategy for the

only does it have a very complex distribution model, because

regional UK market. We already have 53 percent of the UK

you have to cover everything – B2B, B2C – but from an

domestic market outside of London, which is a very strong

operation perspective it is 24/7 job. The operations process is

position. We are particularly strong in airports such as

also highly complex because of the number of stakeholders.

Southampton, Birmingham, Manchester and Belfast. We want

In addition to that, it is a highly regulated industry, in ways

to be clear in our strategy as a UK airline connecting regions,

definitely more complex than other industries.

firstly throughout the UK, but also to Europe and to the world.

We have partnerships with other airlines, and our customers

What have been the keys to your success in a male-

can connect through Heathrow, and through the regional

dominated industry?

airports we serve.

It is a fact that aviation is a male-dominated industry. But to be a bit controversial, it’s not that different from other

What are your longer-term ambitions for the airline?

industries. You have to be good at what you do. I started my

Our long-term ambition is to be the best regional airline in the

career in the hangar. I was the only woman, surrounded by a

UK. We want to provide the best service, and be very close to

male supervisor and other male engineers. But I received a

our customers. We have a loyal customer base. One reason

very warm welcome from the beginning. They were interested

for this, is that we service communities where there is little or

in my passion for aviation, and why I wanted to make my

no alternative methods of transportation, or where it cannot

career in the industry. When you show that you want to work

compete on time, price and convenience. For example, we

with a team, that you want to achieve team results, you can be

provide services for many island communities with life line

successful. It is just hard work, showing that you can actually

connections to the mainland. This is part of our history. Flybe

successfully deliver, each day – maybe even each second.

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FIVE MINUTES WITH... CHRISTINE OURMIÈRES -WIDENER

We have put in place a strategy for the regional UK market. We already have 53 percent of the UK domestic market outside of London, which is a very strong position. We are particularly strong in airports such as Southampton, Birmingham, Manchester and Belfast

As a French CEO of a British company, what cross-cultural

fact that our routes are mainly starting or ending in the UK.

challenges do you face?

We are monitoring developments. And we are not looking at

I have been living in the UK for more than 13 years, so I don’t

establishing a new Air Operator Certificate (AOC) in Europe,

feel this as profoundly as when I first moved here. My first

like easyJet has already announced.

job in the UK was in 2005. I can remember taking my first job

Having said that, we do have other concerns. The cost of

abroad. It meant really having to listen. You need to take time

new infrastructure might fall to business. Or the government

to understand what the differences are, and what people

may choose to increase tax on the aviation industry. In some

expect. But the fact is we are in an international industry.

cases these costs would be transferred to higher ticket prices,

Aviation is global. People are used to working with people

which would not be good. But much of this still needs to be

coming from different cultures and experiences. I think that

worked out before we can make a definitive comment.

the caricature of the differences between British culture and French culture don’t apply in my job – except of course for

What does being a Patron member of the French

food and wine preferences!

Chamber bring to Flybe?

It is an opportunity to connect with key players. We are one

What sort of challenges does Brexit pose for British

of the largest providers of flights to and from regional France,

aviation?

which connects us to UK and French businesses. We’d like

I wish I had an answer to this question today. But the first

to grow our network. I’m sure our membership will have a

thing we need is clarity from the government. You have read

positive impact on our business, through the opportunity

in the press the concerns raised by Flybe and our colleagues

the Chamber creates to build partnerships. We are also

in the industry. We need answers regarding flights between

interested in seeing how our regional airline is contributing

the EU and the UK, post-Brexit. It is very important for us to

to local economies. This is something that we would like to

have an answer as soon as possible because we build our

develop and share with members of the French Chamber.

flight network 12 to 18 months in advance. If we don’t get an

On a personal level, I am also interested in the initiative of

answer soon, it will impact our business.

the Chamber of Women in Business. I’m looking forward to

At the same time we are less impacted than other

contributing in the future. I Interview by JVB

airlines, because of the structure of our network and the

FLYBE: BY THE NUMBERS

• Annual turnover: £707m

• Number of routes: 207 serving 14 countries*

• Number of staff: +2,000

• Number of passengers 2016/17: 8.8m

• Including +700 pilots

*all routes on sale Sep’17 –Jun’18

info

- september / october 2017 - 13

Analysis and look ahead INFO looks at the latest news on Brexit and its impact on the Franco-British community

N

obody said it would be easy.' This is what we heard this

controls on the Irish border. Yet a leaked Home Office memo

week from David Davis, the man in charge of UK Brexit

suggested that Britain would end the free movement of labour

negotiations – in spite of a clear win for the government, as

after Brexit, to deter all but the most-skilled EU workers. Guy

its EU Withdrawal Bill passed by a narrow margin. His remarks

Verhofstadt, Brexit coordinator for the EU Parliament, warned

were jeered in the House of Commons, where some members

that the proposal would ‘discriminate between ‘high-skilled’ and

were quick to remind pro-Brexiteers of their past hubris. Liam

‘low-skilled’ workers.’

'

Fox, the international trade secretary, had claimed that the

The EU’s position papers demanded greater UK thinking

trade negotiations with the EU would be the ‘easiest in human

on the Irish border. In a statement, Barnier advocated that the

history.’ So what is proving so hard?

Irish problem requires a ‘unique solution’, and one which does

The two sides are at odds. The UK wants a great deal—the divorce bill weighs heavily on the British conscience—while the

not use the Irish border as a ‘test case’ for wider EU/UK border arrangements.

EU contingent wants to expedite Britain’s exit. Michel Barnier,

This, as Brexit fatigue sets in on the continent. A recent

the EU’s chief negotiator, said the UK was backpedalling on

YouGov poll showed that more people in France want the UK

financial commitments, saying ‘you cannot have 27 countries

to leave the EU than to stay. In Britain, the Bank of England and

paying for what was decided by 28.’

industry bodies have warned of a Brexit cliff edge, should a

The UK’s position papers published this month argued for

transition plan not be agreed soon. I JVB

‘frictionless’ trade with the EU and against installing border

Key dates Conservative Party Conference

European Council Meeting

Autumn Budget 2017

Manchester, UK – 1-4 October

Brussels, Belgium – 19-20 October

London, UK – 22 November

Party

Britain was hoping for trade talks to begin

Philip Hammond is due to deliver the

Conference may be overshadowed by

after this meeting, the first after this

government's first budget since the

the first pro-EU rally in the North of

year’s big elections in the UK, France and

general election. The Chancellor says

England. David Davis and Liam Fox are

Germany. But the lack of progress has

this is the moment to 'keep the economy

set to talk on 3 October on the subject

postponed them to December, delaying

strong and resilient and fair, an economy

of ‘securing the best Brexit deal for

the second phase of talks as well.

that works for everyone.'

This

year’s

Conservative

Britain.’

So far we have noted that no concrete proposals have arrived, only very foggy proposals

We should be under no illusions, Brexit is having an effect on the economy, no question.

The main effects are sterling and confidence

ANTONIO TAJANI, President of the European Council, speaking on 7 September

SIR CHARLIE MAYFIELD, Chairman of the John Lewis Partnership, speaking on 14 September

14 - info - september / october 2017

Achieving a Smooth Transition is Crucial A defined transition period is key to Brexit success for British-based businesses, says Nicole Sykes, Head of EU Negotiations of the Confederation of British Industry (CBI)

T

he UK needs to seek to stay in the single market and a

airline, you are getting ready to schedule where your planes will

customs union until a final Brexit deal is up and running,

be in 18 months, post-March 2019. And you don’t know what

according to Nicole Sykes, Head of EU Negotiation at the

your legal basis for flight will be.’

Confederation of British Industry.

The CBI’s proposal is a response to concerns firms have

Preferred deal

about loss of access to EU markets, interruption in supply

While many British businesses continue to favour barrier free

chains, and barriers to hiring workers once Britain exits in less

trade, there is still uncertainty about what will replace access to

than two years’ time.

the single market.

‘There are decisions that are being made today, that we

There is a clear interest in achieving barrier free trade, or as

need answers to,’ says Sykes. ‘The answer for us is to have a

much as is possible, including limiting or excluding additional

transition period, to agree as soon as possible, to have as much

paperwork, tariffs, fees, and delays at customs.

stability and economic status quo as possible, so that business have the ability to carry on.’

She cites a recent CBI survey of their membership, which showed that up to 40 percent of British businesses have altered or postponed investments, in light of the uncertainty around Brexit.

Sykes notes that a strong and stable legal framework is vital.

‘It is part of the UK’s international reputation, but it is also vital for day-to-day business. The repeal bill will play a role in that, but all still needs to be negotiated.’

Negotiation is also complicated by the nature of the talks.

‘It is clear that we are asking for something that is unique, says

The timeline for a transition period is undefined, though

Sykes. ‘We are not negotiating a trade deal in the traditional way,

Sykes notes that it would not be indefinite. ‘People have thrown

where you bring two markets closer together. You’re talking

around two or three years. That sounds about right. All we need

about two perceived markets which are actually one market,

is economic stability while the finer points are worked out.’

and what form it will have in the future.’

Need for transition

The right tone

As of early September, UK government negotiators have yet

The tone of the negotiation and of the governments

to raise the issue in talks. ‘The clock is ticking,’ says Sykes.’ And

communication, will also be key to a successful Brexit, says

timing is crucial. You have got businesses that are putting

Sykes.

decisions on hold.’

‘If you put yourself in a CEO's shoes, you have to make

‘You have got businesses that are beginning to put

decisions about investments, about your recruitment strategies,

contingency plans in place. If you need 18 months to change

about your export strategies. If it sounds like negotiations

your business model or adapt, however is required, that 18

are heading in the right directions, you are going to be more

months will come up pretty soon.’

confident about making those investments.’

Another issue is businesses who are preparing products

The government’s messaging about British business beyond

and services to go on sale post-March 2019, without knowledge

the Brexit narrative will also be important, including their ability

of what the business and regulatory environment will be at that

to promote the UK’s fundamental strengths, including its

time.

universities, work force and technology hubs.

‘If you’re a car supplier, and you’re building cars post-2019,

‘When the government is selling the UK to the rest of the

you don’t actually know how they’re going to be priced, because

world, they should be talking up those strengths – just as they

you don’t know if there will be tariffs. Similarly, if you are an

should be doing at home.’ I

THE BREXIT ECOSYSTEM The CBI is working with some of its larger members to address the challenge of Brexit on small businesses. They are empowering large manufacturing businesses concerned about their supply chains to share information, or help prepare contingency plans, with their downstream suppliers. ‘There is an ecosystem here. We're helping the big businesses help the smaller business cope. We all rely on each other, there are no big businesses or small businesses that work alone,’ says Sykes.

info

- september / october 2017 - 15

The 'Chunnel': FULL SPEED AHEAD Traffic through the Channel Tunnel continues apace, despite Brexit worries, reports John Keefe, Director of Public Affairs, Eurotunnel

T

he cross-Channel link between the

Frequency Identification (RFID) tracking

UK and mainland Europe, which

and the ability to pre-declare goods for

accounts for roughly £100bn of the UK’s

duty and tariffs.

£550bn trade with the EU, has yet to

We are now looking to introduce

be impacted by Brexit, says John Keefe,

a ‘Flexiplus’ pass, an annual ticket

Director of Public Affairs at Eurotunnel.

remediable anytime without having

‘Going back to last June there was a

to join the queue. Work is ongoing

sudden panic across the industry,’ says

to consider how to better gather

Keefe. ‘They thought Brexit would be a

information and exit checks on

total catastrophe. In reality, we haven’t

holding steady at roughly ten million

seen that at all.’

passengers per year. ‘We’ve seen

passengers leaving the UK. ‘Obviously security in transportation

The company’s outlook for 2017

growth in all of these sectors. There has

pre-dates Brexit, we’ve been working

and 2018 builds on record profits of

been no sign of trailing off in movement

on these issues for quite some time.

£131m in 2016, fuelled by an 11 percent

or trade with the EU.’

But it is important to keep in mind

increase in the number of vehicles on

Most tellingly, 85 percent of

that if processes are too secure – too

its truck shuttle service and a 2 percent

passenger car traffic is outward bound

burdensome for passengers and

in increase in the number of passenger

from the UK, demonstrating the

businesses – people will stop using the

cars.

continued British affinity for holidaying

tunnel. Speed of flow needs to be built

in Europe.

in to the system.’

French electricity grids via the tunnel by

Infrastructure challenges

Open border

2020, has also had a positive impact on

‘Ease of movement is key for passengers

The Channel tunnel resulted from a

company ledgers.

and freight,’ says Keefe, noting that

bilateral agreement between France

infrastructure is needed to meet new

and Britain – the 1991 Sangatte

Appetite for Europe

customs, traffic and border checks as

Protocol. It continues to play an

Additional reasons for this continued

Brexit re-defines the British/French

emblematic role, connecting the British

upturn include an appetite for seasonal

border.

Isles with mainland Europe beyond the

Eurotunnel’s acquisition of ElecLink, responsible for linking British and

products and a high volume of express couriering of internet purchasing.

Indeed, with more than 2.6m

physical practicalities of the tunnel.

passenger vehicles and 1.64m trucks

‘Symbolically it is a very important

passing through the tunnel in 2016, the

link. Industry sees it that way, and no

about lifestyle, too,’ says Keefe. ‘If you’ve

manual process of looking at passports

government would ever countenance

just ordered something from Amazon, it

and checking vehicles becomes more

changing that.’

can be delivered the next day. If you’re

onerous.

Indeed, the company’s mission was

‘It’s not just about the economy, it’s

looking for strawberries in the middle of

Eurotunnel had begun a digitisation

buoyed in March by British PM Theresa

January, they come from Spain through

programme aimed at speeding up

May, who declared an interest in a

the tunnel.’

border crossing by pre-registering

‘frictionless border’ in the context of

passengers prior to the referendum

Northern Ireland.

every ten minutes – with an end year

result. We have also piloted a scheme

‘There is a possibility’ says Keefe, ‘that

goal of one every seven minutes.

with the UK Home Office and Border

traffic may even be enhanced and more

Eurostar, their biggest customer, is

Agency introducing freight Radio

efficient.’ I

The tunnel carries freight shuttles

Symbolically [the Eurotunnel] is a very important link. Industry sees it that way and no government would ever countenance changing that 16 - info - september / october 2017

MAKING YOUR OWN BREXIT:

Three things for your to-do list when you leave the UK There are key legal preparations that need to be made for the hundreds of thousands of people who emigrate from the UK every year, says George Merrylees, Personal Tax Lawyer at Irwin Mitchell

M

ore than 342,000 people left Britain last year, according to the

UK Office of National Statistics. This number shows an increase in past years, largely driven by EU citizens leaving the UK, where net migration from the EU is down by 51,000.

In addition to packing bags and buying flights, these leavers must make some important legal decisions, advises George Merrylees, of Irwin Mitchell Solicitors, including tax, immigration and pensions.

1. UK Tax – When have you actually left?

You will not leave the UK tax net fully

of any gain you realise on the sale.

If you keep your home and rent it

• If you have spent at least a year in the UK living with permanent

until you cease to be UK tax resident.

out you will be subject to UK tax on the

residency, applying for UK

Generally, if you leave the UK to work

rental profit, provided the terms of your

citizenship. Check you can hold

fulltime abroad, you cease UK tax

mortgage allow you to let it.

dual citizenship.

residence immediately. But in some

If you have been employed in the

cases, 16 days per year in the UK can

UK, file a Form P85 with HMRC to tell

3. Pensions

make you a UK tax resident, even

them you are leaving/have left and

If you have been working in the UK

once you have acquired tax residence

reclaim any overpaid tax.

you will have been paying National

elsewhere.

The basic rule is that you are tax

If you file UK tax returns, file your final one telling HMRC that you have left.

resident until the end of the tax year

Insurance (NI) contributions towards a UK state pension. Generally you will only be entitled to even a partial UK

in which you leave. But there is a “split

2. Immigration

state pension if you have at least 10

year rule” that can stop this. If you have

Regardless of the basis upon which

years of contributions. If you are an

lived in the UK for more than 15 out of

you have been living in the UK, there

EU citizen, under the current rules,

the 20 years before you leave, be aware

is no legal requirement to inform

you will be entitled to a partial UK state

that you remain deemed domiciled for

the UK department which deals with

pension even if you have fewer years

inheritance tax purposes for at least 4

immigration of your departure.

of contributions. It is not clear whether

full tax years after you leave. The UK/

Unless you are a UK citizen, leaving the

this right will remain after Brexit.

French tax treaty may prevent your

UK can affect your current or future

Most employees in the UK also pay into

non-UK assets being subject to UK

rights to live or work in the UK. If you

a private “defined contribution” pension

inheritance tax but you should take

intend to return to the UK in future you

plan where employee and employer

advice on this.

may be able to secure the rights you

contribute to a pension pot for the

have acquired before you leave. For

employee. You may wish to transfer

example:

this pension pot to a pension plan in

If you have a home in the UK, consider selling it within 18 months of your departure. If you sell it more than

• If you have spent five continuous

your new or home country. However,

18 months after it ceases to be your

years in the UK as an EU citizen,

this can be complicated and may lead

main home, you will be subject to UK

applying for permanent residency.

to a UK tax charge, so you should take

capital gains tax (at 28%) on at least part

advice before doing so. I

INNOVATIVE OR

IMPERIAL

Don’t settle for black and white For the full perspective, turn to the Financial Times

NEWS

A ND

A N A LY S I S

Banks collaborate on new digital cash Six of the world’s biggest banks, including UBS, HSBC and Credit Suisse, have joined a project to launch a digital currency

T

he Utility Settlement Coin (USC) received a bump last

computers. Payment tokens would go straight to the owner

month, when a consortium of banks signed on to the

of the asset being sold, rather than passing through clearing

development of the new crypto-currency project.

UBS and the London-based Clearmatics Technologies

houses.

USC is not planned to be an outright crypto-currency like

launched the USC project two years ago, with the idea

bitcoin, rather it will act as a digital stand in for other major

to create a streamlined payment system between major

currencies, backed by central banks.

financial institutions. The addition of Credit Suisse, HSBC,

Plans are in place for the banks involved in the project to

Barclays, CIBC, MUFG and Slate Street – alongside Santander,

prepare test transactions, with the first live token exchanges

Deutsche Bank, BNY Mellon and Icap – has accelerated the

planned for the end of the year.

project as it enters the third phase in its development.

Priorities are now to reach agreements with central banks

As of 2017, there are more than 900 crypto-currencies available on the internet, including Ethereum, Ripple and

and to address issues of data privacy and digital security.

Litecoin, yet none with the name recognition and uptake of

Hyder Jaffrey, Head of Strategic Investment and FinTech

bitcoin. USC is the first project of its kind developed by major

Innovation at UBS, says that the project will be formally

mainstream banks. I

launched towards the end of 2018.

We believe that the USC project can serve as a stepping stone for a central bank-issued digital currency ‘The applications of USC extend beyond payments and could ultimately optimise efficiencies in margin and collateral obligations and reduce systemic risk. We believe that the USC project can serve as a learning experience or stepping stone for a central bank-issued digital currency,’ said Romain Dumas of Credit Suisse.

The currency will use blockchain technology, similar to what underpins bitcoin, a complex system of algorithms

Cryptocurrency SWOT analysis A cryptocurrency is a way to exchange cash, like government issued money, which uses cryptography to secure the exchange of digital information and control the creation of new units.

Strengths – Can bypass money-transfer hurdles, like wait times, exchange rates and fees.

Weaknesses – Lack of widespread adoption, causing thin markets and volatility.

Opportunities – Positive shifts in attitude from major financial institutions, which have started to experiment with digital currencies.

Threats – Capacity limits, which may limit the scalability of cryptocurrency.

which allow cash trades and verification over a network of

info

- september / october 2017 - 19

BUSINE S S WOR LD – NE WS AND ANALYSI S

Veolia accepts first structure into Great Yarmouth facility Veolia has received the

first offshore structure for decommissioning at its Great Yarmouth facility. The Shell Leman BH platform accommodation block, known as the ‘topside’, comprises roughly 1,600 tonnes of materials and assets. It will be deconstructed and recycled, in partnership with Peterson, who jointly operate the fullservice decommissioning facility.

Estelle Brachlianoff, Senior Executive Vice President, Veolia UK and Ireland said: ‘These are valuable assets in our seas and by

Thales to equip Royal Navy’s latest warships

Thales has been awarded a contract by BAE Systems to supply its anti-submarine warfare sonar for the Royal Navy’s new Type 26 frigates. Phil Jones, Head of maritime missions systems, said: ‘We are pleased to be able to announce this contract with BAE Systems which re-affirms our market position as a world class provider of anti-submarine warfare sensors and systems.’ The main manufacturing and maintenance work will be carried out across Thales sites in Manchester and Brest in France.

decommissioning these platforms we can unlock resources to give them a second, third or even fourth life. This latest project will continue to show how we can maximise the recycling of these platforms and drive sustainability in the industry.’ I

UBS boosts performance with artificial intelligence

Pinsent Masons to advise on West Midlands development

International law firm Pinsent Masons has been appointed by Birmingham City Council to advise on the Peddimore development - a future flagship employment site in the West Midlands. Pinsent Masons will advise on the procurement of a delivery partner, and on the planning and development of the site. David Meecham commented: "This is one of the most strategically important sites that Birmingham City Council has brought forward in a number of years. We are delighted to be working on the delivery of Peddimore and our appointment further cements our relationship with the council, which we have worked with since 2004.' I

WPP's Grey acquires French digital agency Sensio WPP announces that its wholly-owned operating company Grey, the global marketing communications agency, has acquired a majority stake in Extrême-Sensio (Sensio) in France. Sensio is a full service digital agency that offers services including consulting, design, technology and customer acquisition.

As a result of UK’s referendum decision to leave the European Union, WPP is placing an even greater emphasis on growth in Western Continental Europe, which includes Germany, France, Italy and Spain. This acquisition continues WPP’s strategy of investing in fast growth markets and important sectors. I

20 - info - september / october 2017

UBS has unveiled the artificial intelligence systems that will be used to optimize performance in its City of London offices.

The systems will be able to execute clients’ requests and develop adaptive strategies.

An increasing number of companies are using AI in back office role, but UBS is the first to explore front office application for the technology. Artificial intelligence will ‘free people up to do more complex tasks,’ says Beatriz Martín Jiménez, COO of UBS Investment Bank.

NE WS AND ANALYSI S – BUSINE S S WOR LD

VINCI is awarded two railway infrastructure projects

EDF Energy expands by buying new wind farm sites

VINCI Construction Terrassements and VINCI Construction

in Scotland, with a potential capacity of 600MW. This

UK, along with long-term partner Balfour Beatty, have been

acquisition is further evidence of EDF Group’s commitment

awarded two government contracts to design and build

to Scotland, as it follows the opening of its new offices in

sections of the new ‘High Speed 2’ railway, linking London to

Edinburgh earlier this year. EDF Energy Renewables Chief

Birmingham and to Manchester and Leeds.

Executive Matthieu Hue said: ‘This deal underlines our

After the 16 months ECI (Early Contractor Involvement)

ambitions to develop our business further and to expand the

phase, the £2.45bn projects will include rail links spanning

number of windfarm projects we are developing.’ I

VINCI, represented by VINCI Construction Grands Projets,

EDF Energy Renewables has bought 11 wind farm sites

from the Long Itchington Wood Green tunnel to the Delta Junction/Birmingham Spur, and from the Delta Junction to the West Coast Main Line.

VINCI’s recent experience with the opening of the High Speed Tours-Bordeaux project in France will be combined with Balfour Beatty’s expertise of British transport to tackle one of Britain’s largest rail infrastructure projects in decades.

Mark Cutler, Balfour Beatty VINCI Managing Director HS2, said: ‘This iconic rail infrastructure project will create significant opportunities for the UK construction industry and will drive growth in skills, jobs and prosperity. We look forward to building on our successful track record delivering high profile projects, and help to engineer Britain’s second great railway age.’ I

Deloitte promotes diversity in new partners

BNP Paribas and Groupe PSA to acquire the financial activities of Opel and Vauxhall

Deloitte’s promotion of new partners in the UK shows a

The proposed acquisition by Groupe PSA and BNP Paribas

North West Europe, says: ‘We have seen positive growth in

of the captive companies of Opel/Vauxhall was approved

female representation amongst Deloitte UK’s new partners.

by the European Commission. BNP Paribas’ car financing

We strongly believe that diversity is something that can only

business will grow by a third after the acquisition of Opel/

be achieved if we have an inclusive culture.’ I

commitment to workplace diversity. Across the UK firm, 57 new partners were hired, of which 13 (23%) are women, and 11% of are BAME (Black, Asian, Minority Ethnic). Emma Codd, managing partner for talent of Deloitte UK and Deloitte

Vauxhall’s financing arm for €900m with Groupe PSA. The acquisition was announced alongside Groupe PSA’s agreement to buy Opel from General Motors in a deal valuing the business at €2.2bn.' I

Atos renews commitment as Stonewall Global Diversity Champion Atos has renewed its commitment to the Diversity

Champions Programme, which brings together top employers from across the UK to promote and support diversity in the workplace. Atos highlights its commitment to making the working environment a place where LGBT+ employees can be themselves. The company will help LGBT+ employees across the firm find support and community within the organisation. ‘We are proud that we celebrate diversity in our teams and, that we are a LGBT+ friendly organisation with firm plans to continue to raise awareness From left to right: Groupe PSA CEO, Carlos Tavares; GM CEO, Mary Barra and Opel CEO, Dr. Karl-Thomas Neumann

across our company”, says David Haley, Senior Vice President Business Transformation Services (BTS) at Atos UK&I. I

info

- september / october 2017 - 21

BUSINE S S WOR LD – NE WS AND ANALYSI S

LSEG and IBM to develop blockchain solution for SMEs

French banks launch SME blockchain venture BNP Paribas

Borsa Italiana,

and Société Genérale have

part of the London Stock Exchange

announced the creation of

Group (LSEG),

the European FinTech venture

and IBM announced they

LiquidShare,

are building

working in

a blockchain

partnership with CACEIS, Caisse des Dépôts, Euroclear,

solution to digitise the issuance of securities for small and

Euronext, S2iEM and Paris EUROPLACE. The venture aims

medium enterprises (SMEs) in Europe. The new system

to improve SME access to capital markets using blockchain

intends to create a distributed shared registry containing a

technology, a virtual ledger that assembles data for shared

record of all shareholder transactions, helping to open up

distribution between many different users. Thibault de Maintenant, Chief Executive Officer of LiquidShare, said: ‘With the launch of LiquidShare, we will use the great potential

new opportunities for trading and investing. ‘Through our work with IBM on this blockchain solution, Borsa Italiana is taking the lead in transforming the way European SMEs can

of the blockchain technology to become a key player in the

manage their shareholder data and at the same time expand

post-trade industry. Supported by shareholders across the

credit access - all on a trusted digital platform,’ said Raffaele

European financial market ecosystem, this initiative is the

Jerusalmi, CEO, Borsa Italiana.' I

first of its kind.' I

SPIE UK awarded a contract at Kilmarnock campus

SPIE UK has been awarded an £8m contract for mechanical and electrical works at East Ayrshire Council’s new William Mcllvanney Campus in Kilmarnock. The campus will accommodate over two thousand pupils between the ages of two and eighteen. I

The Financial Times wins Employer of the Year

The Financial Times has been recognised as Employer of the Year in the publishing category at the inaugural Digiday WorkLife Awards. The prize recognises the best work environments in media and marketing, including the values and cultural initiatives that make them unique. I

Mazars launches SME advisory service

Mazars, the international accountancy and advisory firm, has launched ‘elev8

by Mazars’, a bespoke solution for SMEs which offers the full range of business support services. This includes tax and accounting compliance, payroll, company secretarial, financial outsourcing, receivables management and business support. I

AccorHotels consolidates acquisitions in the luxury rentals market AccorHotels will re-group three of its luxury home-rental divisions under its ‘onefinestay’ brand, as the French hotelier increases market share in the luxury private rentals sector. Recent acquisitions Travel Keys and Squarebreak will contribute to a total of 10,000 private luxury homes and concierge services over six continents. I

22 - info - september / october 2017

S U C C E S S

S T O R Y

PONANT: The World by Sea

As the luxury cruise operator prepares to celebrate its thirtieth anniversary, Ponant, acquired by Groupe Artemis in 2015, expands its operation with new vessels in the adventure cruise market

P

onant was founded in 1988 by Jean-

luxury brands that they sell around the

business with a single 32-cabin sailing

Emmanuel Sauvée, then an out-of

world,’ says Winter. ‘As an international

ship, The Ponant, still in operation.

work 27-year-old French Merchant Navy

luxury cruise operator, we fit seamlessly

‘Preserving

officer, with the goal of reviving the

in this group.’

experience – and the idea that small is

cruise industry in France.

Next year, when they celebrate their

Sense of adventure

the

private

expedition

beautiful – is key to what we want to do,’ says Winter.

thirtieth anniversary, they can take stock

The operator offers two kinds of cruises,

of their growing fleet – four cruise ships

the traditional luxury yachting experience

French heritage

and four more in production – and global

and expedition cruises, which involve

Ponant is the only luxury cruise operator

offices in Paris, Sydney, New York and

trips to less-visited places and activities

which flies the French flag – a distinction

Hong Kong. Their ships travel to more

geared to exploration and adventure

which holds particular importance for

than a hundred countries every year on

travel – yet with all of the comforts and

the brand.

cruises in each continent, including the

amenities of a luxury cruise.

Antarctic.

In addition to French gastronomy

Winter sees expedition cruises as a

available aboard their vessels, their

Yet despite this global reach, they

booming market. Future routes for the

French heritage is something that sets

are relatively unknown in Britain. Their

operator include the Amazon, the Great

them apart in a crowded industry,

development strategy includes plans

Barrier Reef and the Kimberleys. ‘In the

dominated by the American market.

to expand in the UK, buoyed by new

past 8-10 years, the segment is growing

‘When people see the French flag,

ownership. ‘We’ve been knocking on the

quickly. We’ve seen a lot of ships being

they think quality, a heritage of savoir

door of the UK market,’ says Stephen

built for luxury expeditions, but the

faire,’ says Winter. ‘We don’t want to

Winter, International Sales Director at

industry seems to absorb a lot of the new

Americanise, we want to internationalise

Ponant. ‘We’re definitely underserved

boats because of the great demand.’

under a French identity.’

in Britain, but are confident about our

Part of this identity includes a

Ponant’s new fleet of ships currently being built are designed specifically

commitment

The turning point in the company

for this market, and will include multi-

particularly in response to the reputation

came in 2015 when they were acquired

sensory underwater viewing rooms,

of the cruise industry polluting the

by Groupe Artemis, the French holding

allowing passengers to see and hear the

ocean. Each of their new ships will be

company which specialises in the luxury

ocean and its wildlife.

equipped with water filtration systems,

potential.’

fuel

efficiency

to

the

systems,

environment,

and

idling

sector. The group owns Christie’s auction

The new ships will have fewer

house, the Château Latour winery and

cabins than their predecessors – down

technology which prevents damage to

is the controlling stakeholder in Kering,

from roughly 130 to 90 – to foster the

coral by negating the need for dropping

which includes Gucci, Saint Laurent,

exclusivity that passengers are seeking

anchor. ‘Our ships are some of the few

Stella McCartney, Bottega Veneta and

on these trips.

in the industry that have this capability,’

Balenciaga.

The idea of exclusivity is part the

says Winter. I

‘They have a portfolio of French

company’s DNA, having launched the

Launched in: 1988 • Team: 1,000 • Ports visited p.a: 450 info

- september / october 2017 - 23

BUSINE S S WOR LD – SME NE WS

The founders of Launchworks & Co publish book on digital platforms & Entrepreneurship

L

aure Claire and Benoit Reillier, founders of Launchworks & Co, have published a new book on digital platforms. Platform Strategy: How to unlock the power of communities and networks to grow your business, translates the complex management and economic models behind commercial platforms such as Uber, Airbnb, Etsy and eBay into a practical guide for business. I

Moore Stephens opens start-ups programme

T

he accounting and advisory network is offering a new two-year programme of accountancy and tax services, combined with a structured programme of business support.

Moore Stephens will deliver a series of strategy workshops, finance and legal mas terclasses and networking events, aimed at alleviating the common barriers to growth that businesses face in early stages. The applications are open until 27 October 2017. I

Devialet launches iconic new store

G

lobal sound company Devialet has announced the launch of a new store at The Royal Exchange in London.

The opening is the latest step in the company’s UK expansion plans, which will also see the opening of a Devialet store in Canary Wharf and the launch of an immersive mobile experience – Phantom on the Road.

'At Devialet, we want everything we do to be exceptional.

This ambition starts with our products and extends through to the design of our stores and to the experiences we provide to the public. We want to be able to give as many people as possible the chance to experience the Devialet sound for themselves,' says Victor d’Allancé, general manager Devialet UK & Ireland. I

24 - info - september / october 2017

Left Productions expands in the US

T

he TV and digital video campaign production company, created five years ago, continues its expansion after coming to London last year. Having already worked with American clients, they have opened a new office in Los Angeles, where a team of marketers, directors and technicians work on video production and distribution. I

Lookiimedia launches password management app

D

esigned for nontechnical users to make saving and retrieving passwords fast and painless, Mycena provides up to three levels of password security, free for the first five passwords. It uses fingerprint, voice and face keys to protect passwords and other sensitive information, such as bank account details. I

Ligne Roset at London Design Festival

F

rom the 16 to 24 September, Ligne Roset will present its new collection at the London Design Festival. The company’s tradition of investing in dynamic collaborations, technical innovation and craftsmanship will be represented in the collection of furniture and home accessories. Marie Christine Dorner’s new designs will be enhanced by creations by designers from a wide spectrum of cultural and ethnic backgrounds. I

S TART- UP PROFILE - BUSINE S S WOR LD

From the Arcade to the Operating Room Software for ‘smart’ glasses at the forefront of technological advances in medicine and industry is designed to cutting-edge gaming standards, explains Christian Guillemot, founder of technology startup AMA XpertEYE

C

hristian Guillemot, of the Guillemot brothers who founded the French gaming giant Ubisoft, makes no secret of the

gaming pedigree of his new technology that links smart glasses with a web-based interface.

‘Having a gaming background has been crucial in the design of our solutions. Since smart glasses are meant to be used by professionals in a large variety of activities our solutions needed to be plug and play, and easy to use with the right ergonomics, which is also typical of the gaming world.’

Its application in the medical sector enables a broadcast video of what the surgeon sees, allowing them to collaborate with other medical staff and surgeons. In the industrial environment, AMA XpertEye links field workers to experts through an encrypted connection over 3G, 4G, Wi-fi or Ethernet cable.

Inspiration strikes The company, founded in 2016, took its initial inspiration from

solution connecting smart glasses to a powerful and dedicated smartphone.’

a French surgeon, who wanted to find a way to train Japanese

Google partner

surgeons through live operations. Guillemot explains that this

The company has grown quickly, now certified by Google as

precipitated a pivot away from his thinking about smart glasses

one of ten 'Glass Partners.' According to Guillemot, the move

strictly in the context of gaming.

has given them a high level of credibility when demonstrating

They conducted a test. ‘We found the first live operation

their technology to medical bodies and industrial corporations.

had a taste of how it should be done in the future and we

They also received a boost from Guillemot’s associations with

decided to develop a robust solution fully dedicated to

gaming giant Ubisoft.

telemedicine.’

‘Two years later we had a robust and efficient solution

‘Google is a fantastic door opener and is playing a major role in our industry. Some customers even considered that

linking smart glasses to a PC for tele-consultations and a year

XpertEye was the conjunction of Ubisoft and Google that could

later we had produced a fully operational, easy to use robust

therefore not fail.’

The new normal The aim, explains Guillemot, is to make the technology ubiquitous. ‘If we all work well, in three to four years from now, one should wonder, seeing smart glasses in action, how things were made before smart glasses existed.’

His company, already enjoying a three digit yearly growth rate, has plans to target customers on a worldwide basis, with the potential uses of the technology seemingly limitless. ‘We believe that we are at the very beginning of this technology.

We’re discovering new medical and industry use cases seemingly every week.’ I

If we all work well, in three to four years from now, one should wonder, seeing smart glasses in action, how things were made before smart glasses existed info

- september / october 2017 - 25

E DUC ATION – NE WS

A.T. Kearney sponsor ESCP Europe Master in Management Class

EDHEC and UC Berkeley launch Masters in economic transformation and technology The Global Economic Transformation & Technology (GETT)

A.T. Kearney will accompany

track within its Master in Management programme, a

900 ESPC Masters students

track that will provide students with core global business

throughout

transformation skills and a unique immersive educational

until graduation. The class will

experience on three continents. ‘This curriculum affords our

benefit from the opportunity to

students a unique opportunity to grasp the future issues

be in direct contact with real-

their

schooling

for the global economy, while experiencing at close hand

world corporate activity of the

the cities and ecosystems currently transforming the world,’

global management consulting firm. ‘ESCP Europe conceives,

says Emmanuel Métais, Associate Dean for Graduate Studies,

projects, and shapes the world of tomorrow. This can only be

EDHEC Business School. I

done in close collaboration with companies like A.T. Kearney,’ says Frank Bournois, Dean of ESCP Europe. I

The Royal Opera House to host World Ballet Day web-cast

Grenoble Ecole de Management enters the Shanghai Ranking Grenoble

Ecole

de

Management

takes

place

influential

in

the

its

Shanghai

Ranking

the

Management

new

The Australian Ballet, the Bolshoi Ballet, The Royal Ballet, The National Ballet of Canada and San Francisco Ballet will partner for the fourth year in a row to celebrate classical dance and provide viewers around the world with an exclusive look behind the scenes at what life is like at the world's top ballet companies, on 5 October. The day-long livestream will offer glimpses into morning class, rehearsals for upcoming performances and backstage preparations. I

in

category. ‘It’s a historical occasion.

For

the

first

time, Grenoble Ecole de Management is in the Shanghai Ranking, where it sits just behind INSEAD, HEC and ESSEC. Our niche focus technology and innovation management, is finally bearing fruit,’ says Loïck Roche, Managing Director of Grenoble Ecole de Management. I

French business schools collaborate on new research initiative Four Parisian schools, including EISTI and ESSEC Business School, are supporting 35 new research projects and ESSEC’s PhD programme in a joint venture under the banner Paris Seine Initiative d’Excellence. The initiative aims to become an international research university, positioned as a leading international player in the fields of social sciences, management and scientific modelling. I 26 - info - september / october 2017

PROFILE - E DUC ATION

Kaplan International: An English education Delivering the best English-language education requires adapting to new trends and going beyond the classroom, says David Fougere, Senior Vice President at Kaplan International Tell us about Kaplan International’s activities.

Kaplan International is part of the Kaplan Inc. group, an established organisation which has been a leader in education for almost 80 years. We are specialised in English courses to international students as well as preuniversity programmes.

What kinds of trends are you seeing across the education sector?

The ESL sector is constantly evolving and there is more and more awareness that English is a global language needed

A weaker pound has actually pushed more students from Europe towards UK destinations. We believe that Brexit might have only a marginal impact on our business

for traveling, working or studying abroad. We have seen a trend in which

Apart from the educational services

well-established nationality mix which

people want to achieve more with

it offers, what is Kaplan’s role

helps students become familiar and

English, especially for their education

in introducing students to new

comfortable with different cultures

and career. Work experience abroad,

countries and cultures?

and backgrounds. Specifically in UK,

technical and specialised English

In order to help students feel at home

the largest proportion of nationalities

courses, university placements are all

and integrated into the local culture,

is Swiss, Italian and French as well as

services that we provide in order to

we provide great accommodation

growing numbers from the Middle East,

meet students’ needs and respond to

services and activities which go beyond

Asia and many Latin countries.

these latest trends.

the classroom. All our schools have a comprehensive social programme

What is the impact of Brexit on the

What are Kaplan’s main priorities in

plan with activities which help students

education sector in the UK?

terms of growing the business?

get to know the other international

So far Brexit has not had an impact

Our priority is to ensure that our

students and also learn more about the

on demand from European countries.

students enjoy the best possible

local culture and habits. We organise

On the contrary, a weaker pound has

experience abroad, with opportunities

fun day trips and other activities

actually pushed more students from

to develop their skills, expand their

which help students make the most

Europe towards UK destinations, given

ambitions and empower their

of their experience, professionally or

their stronger purchasing power. We

aspirations. We want to be the best

academically.

believe that Brexit might have only

educator to answer our customer’

a marginal impact on our business.

needs and this is the best way to grow

Where are students coming from to

English is a global language which

our business. Of course, in order to

study in the UK?

people will always want to learn, and

do so, we closely observe new trends

The UK is an iconic destination for

the UK will still be one of the top

and adapt our offer by including more

European students, mostly because

destinations for studying it. I

flexible and tailored programmes which

of its history, traditions and heritage

fit best with the curriculum of our

as well as the convenient distance to

students.

most countries in Europe. We have a

• Parent company founded in: 1938 • Number of schools worldwide:

40

• Number of students: 100,000 • Number of schools in UK and Ireland: 12

info

- september / october 2017 - 27

R E PORT S & R E SE ARCH – BUSINE S S WOR LD

A selection of research papers and reports produced by Chamber member companies and partners

CBRE: European Commercial Real Estate Finance CBRE’s European Commercial Real Estate Finance 2017 Update identifies the underlying trends explaining the European debt market. It highlights principal features affecting the European loan sale market in 2016, while also providing a deeper review for 2016 and a 2017 outlook for key jurisdictions across Europe.

Key conclusions include: the total nominal value of the European Commercial Real Estate (CRE) investment debt decreased slightly over the course of 2016 from €1.14 trillion to €1.06 trillion, which is largely attributed to reduced levels of investment transactions in 2016. In 2017, we expect loan sale activity to pick up from 2016, albeit the activity will be relatively concentrated across several key jurisdictions, for instance Italy and Spain.

European Commercial Real Estate Finance – 2017 Update Available at: http://bit.ly/2wH2nOd

Deloitte: Open banking: How to flourish in an uncertain future UK banks have been required to ‘open up’ by regulatory initiatives, to be more transparent with transaction data and level the field for new market entrants, while innovative financial technology firms increase concurrence.

Deloitte’s report explains how the market will evolve, while banks will need to optimise their use of data to improve their services. It gives them options and solutions to thrive in an open-banking future, with case studies to provide deeper insight.

How to flourish in an uncertain future: Open banking – 2017 Available at: http://bit.ly/2woOjr2

EY: FinTech Adoption Index 2017 Exploring firms, business models and consumer propositions, the EY FinTech adoption index, with a survey of more than 22,000 digitally active consumers, offers an insightful analysis on the rapidly growing FinTech market.

Even now that FinTech has achieved initial mass adoption in most markets, the industry will continue to grow. This comprehensive report identifies what drives success in FinTech ventures, the implications of that traction in the banking, wealth management and insurance industries, and presents case studies of successful firms.

EY FinTech Adoption Index 2017: The rapid emergence of FinTech – 2017 Available at: https://go.ey.com/2tcFfIh

info

- september / october 2017www - 28

KPMG: UK CEO Outlook 2017 According to a new KPMG report, today’s CEOs need to be multi-dimensional, capable of understanding issues and uncertainties brought by a new and disruptive environment.

The report identifies the key characteristics of CEOs who are succeeding in providing clarity and securing consumer’s trust. It provides a UK perspective, giving the views of British business leaders, with key insights, numbers and data on talent, innovation, regulation and more.

UK CEO Outlook 2017: Disrupt and grow – 2017 Available at: http://bit.ly/2wWDDUF

Providing capital, experience

and network to entrepreneurs

O u r m ission is t o nu r t u re i n novat ive st a r t-ups a nd SM Es

i nto global lea der s Entrepreneurs Partners is a proactive investors syndicate for entrepreneurs powered by entrepreneurs.

The syndicate is composed of successful entrepreneurs and senior corporate executives, handpicked for their expertise and track record, who share the same passion for nurturing SMEs by committing their capital and time.

Entrepreneurs Partners has been created by Bruno

www.entrepreneurspartners.com

Deschamps in 2010 and has since then invested in several leading companies in the UK, France and the USA: Concord, Dynamixyz and Solus Scientific among others.

Entrepreneurs and co-investors, join us !

The

Future

T

he future of the city is far from predictable. The result of the EU referendum – and the potential terms of the final settlement – have created a level of uncertainty in what has become the world’s leading financial centre.

Some analysts predict massive job losses and a weakened banking centre, as restricted access to the single market is debated. Others say that the effects of Brexit and the resulting short-term chaos will have minimal impact. They welcome access to new markets across the world.

What is not in doubt is the formidable position of the City of London globally, in banking and financial services, and increasingly as a world leader in financial technology. A September 2017 study, the Z/Yen Index, found that London is the world’s number one global financial centre, out-performing its nearest rivals, New York, Hong Kong and Singapore.

On the home front, the City is central to the UK economy, contributing more than 11.5 percent annually of the country’s total tax receipts. John MacFarlane, Chairman of Barclays, has described it as ‘a national asset.’

It also holds a pre-eminent position in the European economy, home to hundreds of foreign banks, and responsible for half of all European investment banking. 80 percent of hedge fund assets under management 30 - info - september / october 2017

of the

City

in Europe pass through the City, as does 90 percent of European prime brokerage. It is the world leader in cross-border lending, foreign exchange and over-the-counter derivatives trading.

Few expect a total catastrophe, along the lines of the global financial crisis of 2007. The European Centre Bank is putting plans in place to oversee trading, while industry bodies are arguing for longer-term transition plans.

Yet there remain serious questions about the relocation of banks to other financial centres, the loss of passporting of services across Europe, and the overall ability of the City to remain competitive by attracting business and talent.

As you will read in this FOCUS section, we explore these issues, and more, on a sectoral basis, from banking and insurance, to emerging industries like FinTech. We also get opinion and analysis beyond the big corporate players, canvassing the views of politicians, think tanks and industry associations.

Our aim is to provide a litmus test of where the city is now – its concerns and priorities – and how it is planning to adapt to financial services in a post-Brexit world. What is clear, as the centuries-old trading hub undergoes its latest transformation, a new vision of the City will soon be here. I JVB info

- september / october 2017 - 31

The

City now

454,700

=

EMPLOYEES

1 in 100

=

1.5% OF THE UK'S TOTAL EMPLOYMENT

OF THE UK WORKFORCE

3,030 BUSINESSES Source: City of London

EMPLOYMENT HAS INCREASED IN THE CITY OF LONDON BY PAST FIVE YEARS

28 % OVER THE

Source: City of London

12%

ROUGHLY OF CITY WORKERS (FINANCIAL AND INSURANCE SERVICES) ARE EU-BORN Source: City of London

It is crucial the government delivers a flexible system to attract the talent London needs to ensure it remains the best city in the world to do business – Sadiq Khan, Mayor of London

UK Financial Services Salaries Average salary: £51,399 Role



down £1,150 compared to last year

£71,48bn

£.

since 2016

Fund Management

£95,273

£29,811



Director/Senior Management

£87,298

£640



Derivatives

£79,000

-£6,286



2016 FINANCIAL SERVICES TAX RECEIPTS

Corporate Business Sales

£78,602

£27,816



MORE THAN

Private Banking

£66,045

-£15,605



Project Management

£65,894

£7,008



Agribusiness

£64,936

£17,902



Compliance

£62,989

-£1,070



Fixed Income

£59,667

£13,417



Front Office/Trading

£58,000

-£7,750



Source: Reed.co.uk

32 - info - september / october 2017

Half

THE BUDGET OF ENTIRE NHS 2017/18 Source: Vince Cable / CityAM

The

City in the Future

• Economists at HSBC see the pound falling against the euro in the last three months of 2017 • 1 pound will be worth just as much as 1 euro at the start of 2018 Source: Morgan Stanley

= Survey: Brexit concerns

Source: Boston Consulting Group

The Banks

47% Source: Deloitte

OF HIGHLY SKILLED EU WORKERS ARE CONSIDERING LEAVING THE UK WITHIN THE NEXT 5 YEARS

4%

RISE IN OVERALL COSTS

30% Source: The Financial Times / Oliver Wayman

RISE IN CAPITAL REQUIREMENTS

$30bn to $50bn additional capital will be needed by wholesale banks to support new European operations after a hard Brexit

There is a big strategic choice the EU hasn’t yet addressed, which is whether the strategic aim is to establish centres that are complementary to London, or really to supplant it – Jeremy Browne Special Representative for the City of London in the European Union info

- september / october 2017 - 33

London After Brexit London’s needs are different from the rest of the UK, say Research Director Richard Brown and Senior Researcher Nicolas Bosetti of Centre for London, the capital's dedicated think tank

B

rexit presents challenges to the capital that are different

of London’s continued ability to act as a hub for business

both in degree and in character from those posed for the

and trade. A growing services sector, international banks,

rest of the UK, say researchers at Centre for London, the

professional service firms, aviation, and data and tech firms all

capital’s dedicated think tank.

Their report, ‘Open City: London After Brexit’, advocates for London’s continued access to domestic, European and global talent in the short term. In the long term, it argues for clarity

rely on the Single Market framework to trade with the EU, and relies on the trade agreements the EU signed with third party countries.

‘If the UK leaves the European Single Market, it is in the

on trade, and new powers over taxation to meet the capital’s

interests of both the UK and other EU countries to negotiate

housing, property and infrastructure needs.

trade agreements that minimise the impact of regulatory

Talent retention ‘The capital is much more reliant on European workers than

barriers on trade in these service sectors, as well as reducing tariff barriers to trade in goods.’

‘We recommend that interim membership of the European

other areas of the country, with EU citizens working at all skills

Free Trade Association (EFTA) is seriously considered: this would

levels and in all sectors,’ write Brown and Bosetti. Indeed,

enable continuing access to most elements of the Single Market

London workers are twice as likely to be born in the EU

through the European Economic Area, though this would also

than the UK average - and proportions of students are

require interim continuation of freedom of movement.’

similar.

‘Losing access to talent from across the EU would drain

Devolved taxation

London’s businesses and its universities, but could also impair

Brexit makes it more urgent to address London’s long-

London’s character – as an open and welcoming city.’

term challenges – outside the EU, the city will need to work

This applies to all levels of employment, from high-skilled

much harder to attract people and businesses. Brexit is an

professionals in medicine, law, and other highly specialised

opportunity to rethink how London’s dysfunctional housing

sectors, to mid-skilled workers who keep the city’s bars, cafes,

market is taxed: council tax and stamp duty are largely seen as

building sites and care homes running, and on the young

‘outdated, regressive and perverse,’ according to Brown and

people who visit to learn languages and skills and start new

Bosetti. ‘Expensive property is taxed very lightly, adding to its

enterprises.

attraction as an investment, and make buying and selling homes

Open access to higher education across the EU should be maintained, with student numbers removed from net migration

more expensive.’

‘Devolution of these taxes, as recommended by the London

targets, and a new post-study visa should be introduced in

Finance Commission earlier this year, would help London to

London to enable graduates to stay on to work.

meet its needs and tackle its problems, while supporting the

To make this happen for London, Brown and Bosetti argue

UK economy as a whole. It would enable London to experiment

that the government should introduce a regionally managed

with reforms, from updating council tax ratios to exploring the

migration system, with different regions able to define their

impact of land value taxation in London.’

skills needs and to agree work permit quotas with Government.

One-year ‘City Maker Visas’ would allow European citizens to

Keeping London Open

visit the city to look for employment or start-up opportunities,

The end goal, for Brown and Bosetti, is to respond to both

with fast-track work permits for those who are successful.

short-term and long term challenges with ‘resilience and

Clarity on trade

ingenuity’. This means being able to mitigate risks and seize opportunities that come with Brexit. However, to be able to

London’s ability to trade with the EU and globally is in potential

meet these challenges head on, London needs to be open,

jeopardy because of Brexit. Brown and Bosetti argue in favour

liveable and affordable. I

34 - info - september / october 2017

THE FUTUR E OF THE CIT Y – FOCUS

The time to prevaricate is over The signs of a slowing economy are multiplying with business investment at a standstill amidst uncertainty, says Vicky Pryce of the Centre for Economics and Business Research (CEBR)

A

s talks intensify on the UK’s Brexit agreement, tension between party political and the national interest is all too evident. Nevertheless we are seeing some concessions

PWC and EY put the job losses in the City to anything up to 100,000

from the UK side concerning movement of people and an acknowledgment of a continued role of the European Court of

One trigger would be the loss of ‘passporting’ rights now

Justice beyond March 2019. The Labour Party appears to be

available through membership of the single market which allow

moving towards the UK staying in the single market and the

a financial institution with a base in the UK to transact business

customs union during an as yet undefined transition period.

anywhere in the EU. Banks and other institutions affected may

But the time of prevarication must soon be over.

have no other alternative but open subsidiaries in mainland

Only businesses truly understand what the advantages of

Europe. But with the ECB expecting any third country financial

'frictionless' trade with the rest of the EU are – not just tariff

service operation in the EU to be a fully functioning business,

free trade for manufacturers and food but also the absence of

not just a name-plate on an office-building, costly extra capital

non-tariff barriers for a country which is dependent on services

would be required.

for its livelihood.

The international city

If uncertainty remains firms will start putting into operation contingency plans which will see people and activities move out of London. So far preferred locations appear to be Dublin and

Membership of the EU and easy access to talent undoubtedly

Frankfurt but Paris and Milan are also sharpening up their act

helped to internationalise the City, turning it into the world’s

to attract players. All bad news for the sector and the wider UK

primary financial centre with more foreign banks operating

economy alike. I

from London – 250 – than any other centre. Analysis by the consultants Oliver Wyman suggests that 23% of corporate and retail banking activity in the UK comes from EU-related business.

A large chunk of the EU’s investment banking is conducted in the City, and London manages 45% of all assets in Europe.

The City is a major centre for insurance and reinsurance, wealth management, currency and derivatives trading and clearing. It is also the largest centre for hedge funds and for private equity and investment funds in Europe. Financial innovation has flourished, with FinTech employment growing rapidly.

Likely outcomes An early expectation that the UK might ease financial regulations to continue to attract global firms has proved to be unrealistic, as it would restrict access to the EU market. Hopefully, the EU negotiators will also recognise the benefits of working closely with the City. London's loss, if it is allowed to happen, could as easily be New York's gain – or equally Singapore, Shanghai, Frankfurt or Paris.

The likelihood of course is that the City will remain an important, albeit diminished financial centre. With the European Banking Authority soon on the move from London and Euroclearing conducted in the City under threat again, Oliver Wyman research has suggested that up to 50% of EU related revenue could be at risk in the case of hard Brexit . Others such as PWC and EY put the job losses in the City to anything up to 100,000.

info

- september / october 2017 - 35

Remaining in the City Banque Transatlantique continues to invest in its UK operation, as it remains optimistic about the City's future prospects, says its General Manager, Gwenolé Le Blevennec

LONDON

NEW YORK

I

SINGAPORE

n a globalised world, where cities

centres that are being undermined

Continued investment

compete to attract companies and

to the benefits of New York and other

The long term future of the City of London

talented individuals, the competitors

competitors. This is hugely detrimental

will depend on its ability to serve global

of the City of London are not so much

as any impact on the financial sector

customers, defined less by the location

Frankfurt, Paris, Luxembourg or Dublin

will trickle down to the wider economy,

of their headquarters but more by the

but primarily New York, Chicago, Hong

affecting European corporations’ ability

international reach of their services. To

Kong or Singapore.

to raise capital or hedge their risks at an

thrive, the City will need to remain a well-

The Global Financial Centres Index

optimal price. One of the conclusions of

functioning and regulated centre, while

published last March confirmed London

the AFME/BCG report is that European

welcoming foreign banks and financial

in the top position. The next European

small and medium enterprises are likely

firms. Here my colleagues and I are

financial centre, Luxembourg, is far away

to suffer the highest cost of capital in

convinced that the City of London holds

in the 18th position.

case of a hard Brexit.

all the cards to maintain its dominant

chip

This lack of progress in Brexit

position. This is the reason why Banque

companies, international organisations

negotiations is a concern, as March 2019

Transatlantique continues to invest in the

need to access capital markets for

is fast approaching, and 18 months is

development of our UK operations. After

funding requirements. At some point in

not ample time to reach an agreement

the launch last year of our UK private

their life cycle, they may require complex

and to get it approved. I remain firmly

banking services, we will soon start

financial products and services. As a

optimistic that a solution to this deadlock

offering portfolio management services

result, sophisticated and large financial

will be found. This is in the interest of all

headed by Robert Jeffree, who joined us

centres inherently make a better home

Europeans, including the British people.

recently as Chief Investment Officer.

From

start-ups

to

blue

A solution that is emerging would

Banque Transatlantique, founded in

A recent report jointly published by

be for the UK and the European Union

1881, has gained the reputation of being

the Association for financial Markets in

to agree on a transition period during

the private bank of the French overseas,

Europe (AFME) and the Boston Consulting

which the terms of the UK’s access

backed by one of Europe safest and best-

Group (BCG) shows that in the first week

to the European market will remain

rated banking groups. This was also built

of last May EUR 6.5 trillion of interest rate

unchanged. This status quo, lasting

on the Bank’s long history of providing

derivatives were cleared in the UK while

several years, would provide companies

international banking services to the

the rest of the EU was in the fourth place,

with temporary certainty and would allow

French diplomats and supporting French

behind America and Asia/Pacific, with a

the UK and the European Union more

communities abroad.

pale EUR 8 billion.

time to define their future relationship.

The ability to deal with the complex

In consideration, the United Kingdom

cross-border transactions of our clients

for them.

Political deadlock

would agree a financial contribution, a

and to follow them globally is part of

As the UK Government and the European

“pay to play”, which could be itemised for

Banque Transatlantique’s DNA. A post

Commission squabble away over Brexit

specific agencies, services or projects.

Brexit environment should play to our

negotiations, it is all of Europe’s financial 36 - info - september / october 2017

strength. I

THE FUTUR E OF THE CIT Y – FOCUS

London’s potential banking exodus Time is running out for the big banks to move business and staff out of the UK, says Dean Turner, an economist in the UK Investment Office at UBS Wealth Management

T

he future of London's financial services industry, in light of the likely loss of the ‘passport’ that grants UKbased firms access to European markets, is one of the

most important questions arising from Brexit. Most large international banks based in London haven’t gone beyond acknowledging that some business and personnel will have to move to the EU after Brexit. But time is running out.

In view of the March 2019 deadline, UK regulators have requested details about the banking sector's plans, which should sharpen the focus on the question. But time, costs, and logistics involved in transferring operations away from London, mean that the process will have to begin soon. It is likely that plans will be announced before the year is out.

Destination unknown Where this business goes is not entirely clear. Politicians

Labour market in flux

representing Europe's financial centres have been trying to

As the UK leaves the EU, it is likely that a portion of financial

woo bankers to move operations to their countries. Emmanuel

services currently conducted in London will move to the

Macron, the former banker turned French president, has been

continent. This will inevitably affect the labour market.

leading the charge for Paris. Yet the banks have not yet let on where – and what – they intend to relocate.

It is easy to understand why politicians are keen to lure

Brexit is coming at a time of great technological change for the banking industry. Technology has transformed the way business is conducted and may bring further disruption

business away from London. More than three-quarters of a

in the future. Ultimately, the proliferation of new technologies

million people – greater than the population of Frankfurt –

may have a far greater impact on employment in the financial

work in London’s financial services. The sector paid £71bn of

services industry than changes wrought by Brexit.

taxes to the exchequer in 2015/16, representing 11.5 percent of the total tax take. Jobs and tax revenues are highly sought

When the dust settles

after by Europe's capitals, especially for countries like France

In spite of these pressures, London will likely remain Europe's

still struggling to close their budget deficit.

preeminent financial centre for the foreseeable future.

That decisions have yet to be made illustrates the complex

Other capitals will likely grow their share. But factors behind

nature of the problem for banks – but also for governments

London's current success – its large and deep pool of skilled

and regulators on both sides of the Channel. It is unlikely –

labour, infrastructure, globally-respected legal framework and

though not yet known – that future trade deals between the

institutions, and the often-overlooked advantage of the English

UK and the EU will include financial services. Furthermore,

language – will not change because of Brexit.

with increasing talk of a ‘transition period’ to smooth the UK's

Besides, the City is used to change and renewal, and it

exit, the timing of the loss of access to the EU market is also

always adapts. Brexit be challenging for the financial services

unclear.

industry, but this does not mean that London cannot thrive and prosper when new opportunities arise. I

Time, costs, and logistics involved in transferring operations away from London mean that the process will have to begin soon . It is likely that plans will be announced before the year is out

info

- september / october 2017 - 37

The State of London’s FinTech The fledgling City industry of FinTech, otherwise known as financial technology, is experiencing its first major challenge in Brexit, writes Philippe Gelis, CEO of the fast-growing company Kantox

T

he Brexit result took the FinTech

now

ecosystems

When we created Kantox in London

industry by surprise. No one

with successful companies in France,

in 2011, ‘FinTech’ was not a buzzword,

building

FinTech

expected such an earthquake in

Germany, Holland, Sweden, Ireland, and

the industry was still in a very early stage.

this young industry, especially in London

beyond. In that context, it is unrealistic to

At that time, almost anything significant

– the leading FinTech hub in Europe.

think that London will be able to maintain

related to FinTech was happening in

its place as such a clear front-runner.

London and nowhere else in Europe.

This success was partly due to access to London’s vast talent pool –

Most

FinTech

companies

with

The

early

adopters

in

London

the hundreds of thousands of people

business in continental Europe are now

felt comfortable switching from their

working in the financial industry, who

working on plans to get regulated in the

banks to FinTech companies to remit

knew enough about finance to feel

EU. Cities like Dublin, Berlin, Amsterdam

money abroad. They were people who

comfortable investing in peer-to-peer

or Brussels are well positioned to take

understood the disruption potential

lending,

advantage of this situation. Yet decisions

of the FinTech industry. They also

to

crowdfunding,

or

robot-

advisors.

But with the Brexit process now in

relocate

variables:

will

client

depend

on

many

had insider information about unfair

location,

regulatory

products, services and behaviours of

progress, I am not sure I would go back

framework, transport and infrastructure,

to London to build another FinTech

language, and country of origin.

banks and financial institutions.

It is also important to recognise

company. There is too much uncertainty,

That said, I will always remember

that local authorities, including both

such as the employability of foreign

what one of our investors once told me:

politicians and the FCA, did a good job

(skilled) workers and the free movement

“Let’s not believe that Paris can replace

in creating a friendly environment and

of people.

London as a financial centre. It will never

a low friction regulatory framework.

Even if London maintains its role as

happen. The same way that the UK will

This, in comparison to most European

a financial knowledge and education

never replace France for fashion, food,

countries, where local regulators waited

leader, other countries in Europe are

wine and lifestyle."

until at least 2015 to act on FinTech. I

F I N T E C H M I L E S TO N E S 1998

2014

The launch of PayPal, the first consumer banking brand on the internet

$1.5bn invested in FinTech companies in Europe

2009

2015

The launch of Bitcoin, the first crypto-currency

More people now use mobile banking than go into a physical branch

2011

2015

Google launches Google Wallet, which allows consumers to use mobile phones to make tap payments

Alibaba, the Chinese e-commerce giant, enables consumers to authenticate payments by scanning their face with a smartphone. I JVB

But with the Brexit process now in progress, I am not sure I would go back to London to build another FinTech company. There is too much uncertainty, such as the employability of foreign (skilled) workers and the free movement of people 38 - info - september / october 2017

FinTech’s ‘passporting’ problem Abdul Basit, CFO of Innovate Finance, an industry association for the UK's global financial technology community, reports on its concerns about the ability to passport services across Europe

T

he outcome of the EU referendum took the UK FinTech

Key pillars of the UK FinTech sector have been access to

sector by surprise. Roughly 80 percent of Innovate

talent and access to capital. Ensuring these are unaffected will

Finance’s members wanted Britain to remain part of

be critical for the wider sector.

the EU. They benefit from talent coming from Europe – not to mention access to the single market.

Reviews pending

These advantages, along with a ready supply of capital and

In response to these issues, the UK government has issued a

a supportive regulatory regime, helped to create a booming

review by the Migration Advisory Committee, which will assess

sector, attracting world-class entrepreneurs to London. Prior to

how the UK’s immigration system should be aligned with a

the summer of 2016, the future looked bright.

modern industrial strategy. Meanwhile, the government’s Patient

Passporting As the UK’s trade body for FinTech, Innovate Finance regularly

Capital Review will seek to identify barriers in accessing longterm finance for growing firms, both of which Innovate Finance will respond to on behalf of our members this autumn.

polls its 285 members. The latest results showed that the loss

While Brexit negotiations continue, the FinTech sector

of passporting rights affected roughly 20 percent of our start-up

continues to thrive, providing 60,000 jobs and generating £6.6

members. For those companies that rely on passporting, such

billion for the UK economy annually. But we cannot rest on our

as money transfer firms, loss of these rights will be a significant

laurels. The industry in the UK must be proactive to attract the

issue.

investment and people it needs to ensure we remain the world’s

If passporting rights are lost, firms may have to apply for

global leader in FinTech. I

separate licenses for every EU country in which they operate.

UK FinTech firms are creating contingency plans to avoid any red tape by setting up offices in another EU member state to safeguard against loss of passporting rights.

One firm, Azimo, has already announced plans to open an office in Dublin. Established financial institutions, who already have a presence in other EU cities, are looking to rebalance their workforce across their various offices.

This suggests that a mass exodus of financial firms from the UK seems unlikely. It is difficult to replicate the powerful ecosystem that underpins Britain’s financial services sector – the largest in the world. Even EU nations don’t anticipate a collapse

F I N T EC H BY T H E N U M B E RS • UK jobs:

60,000

• Contribution to UK economy:

£6.6bn p.a.

• Investment in UK FinTech in first half

of 2017: £500bn

• Increase in investment over same period

in 2016: 37%

of the UK’s dominance, even though they are expected to benefit from new FinTech entrants setting up offices in their capitals, Kieran Donoghue, head of strategy and public policy at Ireland’s inward investment promotion agency IDA, recently told the press that UK’s financial services firms ‘really don’t want to leave decades of infrastructure in London, for them to leave is a disruption to business and a cost. We do not think that London is going to disappear, but the industry will move to a more decentralised model.’

W H Y ‘ PASSPO RTI N G ’ M AT T E RS A license granted by a regulator in one EU country that is valid in other EU & EEA areas, passporting offers potential access to 500

million customers across Europe.

info

- september / october 2017 - 39

BREXIT: Not

an Existential Threat

Clarity and co-operation are key to City’s future, says Jonathan Reynolds MP, Shadow City Minister & Shadow Economic Secretary to the Treasury

O

ne of the first visits I made to the City after taking on

and varied trading histories which have built the foundations for

the financial services brief was to the iconic Lloyd’s

its strength as an international finance hub today.

of London building in the heart of the Square Mile.

Without question, the UK’s exit from the European Union

Extraordinary modern architecture houses a fascinating history

represents a major challenge to its future. However, one of the

spanning over 300 years, from simple beginnings in Edward

City’s main strengths is its adaptability. I have every confidence

Lloyd’s coffee house to an insurance behemoth underwriting

that the City can continue to share a co-operative and successful

nearly £30bn a year. The City is replete with similar tales - long

relationship with its European neighbours. But to do this, it needs an overall framework of certainty and clarity, which has so far been lacking from our Conservative Government.

Political failures In all the time the Government has failed to offer a clear outline on its negotiating plans for financial services, investment and key decisions have continued to stall among both domestic and international financial institutions of all sizes, as they lack the information they need to properly plan for the future.

This anxiety is understandable for a sector which is reliant on interconnectedness. London is a trading hub which attracts capital flows from around the globe, often relying on the mutually dependent industries within the City: insurance, law, accounting, FinTech, clearing – the list continues.

As a result, the treatment of the sector in Brexit negotiations will be key to its future. How will services be passported into the European Union post-Brexit? How can it continue to participate with the rest of Europe in building robust regulation? What transitional period will there be to avoid a cliff-edge scenario?

Critically, what will be the approach to the status of EU nationals, upon whose talent the financial sector is dependent?

Lessons learned Post-financial crisis, the City and its European counterparts have collectively worked hard to integrate better safeguards and stability into our financial infrastructure. Simultaneously, financial

markets

are

becoming

more

global,

more

interconnected and more automated, in many ways to the benefit of the consumer and the overall stability of the system.

Brexit should not be a reason to turn back the clock on that progress, and it is essential the City can retain its internationalist outlook.

If managed properly, Brexit should not represent an existential threat to the prospects for London as a financial services hub. The City has built a strong reputation in recent years as an incubator for cutting edge financial technology and investment. This should be able to grow, so that in tandem with the attractions offered by Frankfurt, Paris and Barcelona, London can continue to form part of a European financial market which is a serious global competitor. The future for the City remains bright, but it can only be forged in a coherent and considered framework for Brexit. I 40 - info - september / october 2017

THE FUTUR E OF THE CIT Y – FOCUS

Resilient Markets London is still the global listing venue of choice, says Serge Harry, Member of the Executive Committee of the London Stock Exchange Group

T

he UK has voted to leave the EU but, despite many predictions to the contrary, UK Capital Markets

have proved resilient.

Despite macro economic

helping to increase productivity.

The potential of companies like these to transform the European

European countries access critical growth capital.

Moving away from capital markets,

economy is clear. The potential of equity

even our clearing business saves costs.

is even clearer: companies listed on

On clearing, for instance, we believe

uncertainty, the first half of 2017 has

AIM are five times more likely to export

that a single pool of products is more

seen strong inflows of capital into

than the national average. It is no

efficient and more cost-effective for

equities and a surge in IPO activity in the

coincidence that independent research

clients than fragmentation. London’s

UK. By the middle of August, 66 IPOs

has shown a one per cent increase

global liquidity pool for Clearing saves

in London had raised over £9 billion,

in high growth potential companies

our customers billions in regulatory

already more than the total number of

could add two per cent to GDP. Some

capital – which is consequently

IPOs and money raised for the whole

governments in the EU and the US have

deployable as investment capital in the

of 2016.

already announced reforms easing life

real economy.

Also encouraging: London’s

for SMEs.

London remains a city open to

international market for growth companies – AIM – has already surpassed the total number of IPOs in 2016. The average market capitalisation of these companies is nearing €100m.

These figures demonstrate, once again, that London is the global listing venue of choice.

It is not just London that is benefiting. Between 2014 and 2016 over three quarters of European growth market capital was raised on AIM. Given two-thirds of AIM finance is through further issues, this crucially provides European and international companies with a long-term source of funding.

Dynamic growth We at London Stock Exchange Group believe it is the EU’s army of dynamic,

By the middle of August, 66 IPOs in London had raised over £9bn, already more than the total number of IPOs and money raised for the whole of 2016

high growth companies that hold the key to economic success. In a report published on 5 September at the

A job for London

the world and a dynamic place to do

European Parliament, we identified,

This is why Capital Markets Union is

business. 2017’s IPO activity is only one

for the second time, a thousand of the

vital. It will break down barriers and

example of the enduring strength of

most dynamic SMEs across the 28 EU

simplify access to multiple sources of

London’s unique ecosystem and the

member countries.

finance for SMEs, including accessing

benefits of long term patient equity

non-EU capital. London is ready to help

capital to European economic growth. I

150 of them come from France and boast very impressive average twoyear job creation rates and compound

make CMU a reality.

London’s global liquidity pool stands

growth rates of 36 per cent. Being highly

ready to do its bit. As well as AIM, we

innovative (these companies count

also have ELITE, our pan-European

nearly 600 trademarks and patents

business development and capital

between them) the jobs they create

raising programme. ELITE helps over

tend to be high quality and well paid –

600 companies from across 24 mainly

info

- september / october 2017 - 41

INSURANCE:

Weathering the Brexit Storm Brexit presents a new kind of threat, says Amanda Blanc, Group CEO of AXA, yet there is reason to be optimistic about the future of the insurance industry

T

he insurance industry has typically

have a number of employees from the

The future is rosy

been able to adapt to anything

EU and uncertainty around their ability

It’s not all doom and gloom. The future

that comes its way. After all, it has

to continue working in the UK is a real

of the UK insurance market is rosy.

been around in one form or another for

concern.

This is partly due to the pre-eminence

more than three-hundred years.

If the UK cannot agree some kind of

of the UK FinTech and InsurTech

Brexit is newly problematic precisely

freedom of movement for EU citizens,

industries.

because it defies definition and is

UK businesses will be less attractive to

unpredictable. As such, Brexit has the

the brightest and most talented that

regarded as the hub for innovation,

capacity to lure financial services into

Europe has to offer.

and a key source of new thinking

a ‘phony war’ mentality. Yet there is reason to be optimistic.

Risk factors

SMEs in peril

In the AXA Group, the UK is

and action in insurance. There is a vibrant ecosystem in the UK that

The potential impact of Brexit goes

has developed with support from

beyond the confines of our business.

government and industry alike.

The big risks for financial services are

This includes a concern about the

the ability to passport into the EU and

impact on the British SMEs. AXA is a

overnight. It cannot be shifted to

the associated financial brain drain out

major insurer of this sector and they,

another time zone in a matter of

of London. These concerns are felt at

collectively, are a vital element of our

months. And it cannot be ignored when

AXA, but not to the degree they are in

economy.

global institutions are making long term

the big banks and investment firms.

So much time has been spent on

decisions about their global footprint.

The ability to continue trading private

worrying about the big financial

healthcare abroad is also a real concern,

institutions and how they will fare post-

about what a post-Brexit world looks

as is the uncertainty around the border

Brexit that I worry we are forgetting the

like, I am also full of confidence for

between Northern Ireland and its

grassroots of our economy.

the future. We have a world-leading

southern neighbour. AXA has a vested

Any significant damage to this sector

position in the global insurance

interest in seeing an amicable solution

will be felt directly by AXA in the UK. We

marketplace and much of that is down

to both problems. However we are at

all have a responsibility to make sure

to our willingness to change and find

the mercy of the politicians and their

that the government, so often a vocal

new ways of trading. I

ability to reach a sensible conclusion in

supporter of the sector, takes the risks

negotiations.

seriously and takes action to mitigate

Closer to home is the risk to current

what could be a mortal blow to the long

staff and the ability to attract the best

term health of the UK economy.

This success cannot be replicated

Although there are real concerns

talent from across the continent. We

Although there are real concerns about what a post-Brexit world looks like, I am also full of confidence for the future 42 - info - september / october 2017

THE FUTUR E OF THE CIT Y – FOCUS

FINANCIAL SERVICES:

The need for Transitional Arrangements Customers and firms on both sides of the Channel rely on European financial institutions to grow their businesses, says Andrew Rogan, Executive Director, Capital Markets at industry association UK Finance. A clear transition plan is needed now

A

inconvenience, costs and disruption resulting from the above

the access EU business currently has to the huge range

protective measures may be significant enough to justify setting

of services provided by UK firms. Continuing these relationships

up a treasury function in the UK to benefit from its deep and

will be crucial to safeguarding future economic growth.

efficient markets. All of these options could force customers and

s European policy-makers sit down to discuss the details

Larger European businesses may decide that the operational

of the UK's exit from the EU, it is important to consider

Our analysis shows the UK hosts roughly 60 percent of the capital markets activity of EU firms. This includes supporting international trade, raising capital, and risk management. Both

the banks that serve them into costly, inefficient and potentially premature restructuring of their own supply chains.

It is unlikely that EU-based banks have the capacity to

UK currently hosts roughly 60% of EU firms’ capital markets activity sides have a common interest in reaching a deal that ensures a

meet the scale and depth of the services needed by European

smooth path towards Brexit – not a sudden cliff-edge.

corporates, and would struggle to do so in a compressed time-

Without securing transitional arrangements, EU firms risks losing access to a wide range of services. Commercial lending

frame.

finances their manufacturing; derivative writing and trading

Clear priorities

services help manage currency risk from sales across markets.

As negotiations continue, the priority for customers across the

Costly replacements Inevitably, the shallower depth of provision of these services inside the EU 27 means that the cost of the financial infrastructure relied on by European exporters will increase.

Restructuring existing products and services that are

UK and EU is for an agreement on transitional arrangements that ensures consistent provision of services after the point of a formal UK exit, before a formal EU-UK deal is in force.

This isn’t simply a matter for the technocrats. Agreeing the principles of a clear transition framework will be the first tangible signal of a mutually beneficial arrangement.

Get it wrong and we risk undermining the future health of both the EU and UK economies no longer available is likely to involve substantial transfer or

Getting this right will be crucial to ensuring customers

termination costs, particularly if market pricing is less favourable

remain at the heart of the services provided by banks across

than when the product was first purchased. There may also be

the continent. Get it wrong and we risk undermining the future

tax implications if the transfer or termination results in a taxable

health of both the EU and UK economies. I

gain, or accounting charges.

info

- september / october 2017 - 43

Why we need the Digital Skills Visa Directors Nick Forrest and Sapna Patel make the case for the digital skills visa, one 35 specific recommendations set out by PwC UK to protect London as a global financial hub

T

he digital tech sector is an increasingly important

• Youth Mobility Digital Skills Visa targeted at individuals

element of the UK economy. It generated an estimated

aged 18-30 from recognised leading technology centres. It

turnover of £170 billion in 2015, with growth twice as

fast as non-digital businesses.

The sector has benefitted greatly from access to EU talent with the London Assembly Economy Committee reporting that

would require successful completion of an aptitude test targeted at key skills shortages and would not require a specific job offer.

• Digital Skills Visa targeted at individuals meeting defined

around one third of those working in London’s tech sector are

skills shortages. It would require a job offer from an

EU nationals. Furthermore, 50 percent of technology start-ups

endorsed employer, but would allow entrepreneurial

in London are being founded by people from the EU.

activity.

Following Brexit, it is likely that free movement of EU

We recommend more financing is made available to help

nationals into the UK will end, potentially making the UK less

UK FinTech companies scale up their activities; and further

attractive to talent. When combined with the Government’s

collaboration between the UK government, universities

commitment to reducing net migration, this could have a

and the sector in the emerging fields of blockchain, artificial

significant impact on the UK technology sector’s ability to

intelligence, quantum computing and the ‘Internet of Things’.

attract the best talent to the UK.

Lastly, we need the development of a regulatory environment

The UK Government has recently commissioned the

that both encourages innovation and leads the development

Migration Advisory Committee to undertake a review of the

of international standards. This should present opportunities

impact of EU migration on the UK economy and how the

for the UK in areas of ‘RegTech’: improving the efficiency of

immigration system should be developed to align with the

firms meeting their regulatory obligations.

modern industrial strategy.

The current UK immigration system is predominantly geared towards traditional roles and employment structures

Collectively, these actions can help to position the UK’s financial and related professional services sector to prosper long after the impact of Brexit has faded. I

(e.g. minimum salary levels, full time jobs, etc.). In contrast, the digital technology sector requires a more flexible approach which can meet growing demand for constantly changing skills sets and reflects nuances of the industry such as: (i) more

Digital Business Growth

entrepreneurial structures; (ii) individuals may take roles in a number of organisations; (iii) individuals may hold equity stakes rather than receiving a salary and may not meet thresholds set for more traditional roles; and (iv) a higher proportion selftaught individuals.

We recommend that a bespoke Digital Skills Visa (DSV) will best meet the future needs of the sector by providing a flexible immigration system. We propose that the DSV would apply to three distinct groups who do not fall within the current immigration system and would provide the opportunity to develop ideas and build networks within the UK: • Post-Study Digital Skills Visa targeted at students qualifying within relevant fields from the best UK and global technology institutions. It would not require a specific job offer.

50 percent of technology start-ups in London are being founded by people from the EU

44 - info - september / october 2017

THE FUTUR E OF THE CIT Y – FOCUS

Making sense of Brexit, Europe and the financial sector requires exploring beyond the ever-changing daily press.

INFO presents the best long-reads and long-listens, which help shape the conversation

POLITICS Tim Shipman: All Out War: The Full Story of How Brexit Sank Britain’s Political Class (2016) Based on unrivalled access to all the key politicians and their advisors, Shipman provides a political history that reads like a thriller. A gripping, day-by-day account of what really happened behind-the-scenes in Downing Street.

Yanis Varoufakis: Adults in the Room: My Battle with Europe’s Deep Establishment (2017) The former Greek finance minister’s candid account of the struggle with the austerity imposed on Greece by the EU. An extraordinary tale of brinkmanship, hypocrisy, collusion and betrayal intended to shake the deep establishment to its foundations.

LISTEN FT Banking Weekly Financial Times banking team discusses the biggest banking stories of the week, bringing global insight and commentary on the top issues affecting the sector.

Listen here: http://on.ft.com/2whpQDR

ECONOMICS Mervyn King: The End of Alchemy: Money, Banking, and the Future of the Global Economy (2017) Ten years at the helm of the Bank of England gives King the insight to reveal profound truths about the mechanisms of our capitalist society. An essential work about the history and future of money and banking, the keys to modern finance

Philip Coggan: The Money Machine: How the City Works (2015) In this excellent guide, now fully revised and updated, leading financial journalist Philip Coggan cuts through the headlines, and shows why we should all be more familiar with a system we so intimately depend upon

FICTION Amanda Craig: The Lie of the Land (2017) Part of a new vanguard of novels that tackle the EU referendum and its wider implications, Craig’s book is a satirical take on the disparity between town and country, and the emotional levers that led to the Brexit vote.

The Guardian’s Brex and the City Brexit Podcast Jon Henley is joined by Vincenzo Scarpetta, Jill Treanor, Dan Roberts and Anthony Browne to discuss how Brexit will affect Britain’s multibillion-pound financial services industry.

Listen here: http://bit.ly/2gSAP4u

The Brexit Podcast This independent podcast is brought to you by three jobbing journalists, and features straight-talking experts and average people from all walks of life. It aims to rise above the fray and offer a no-nonsense take on the issues surrounding Brexit.

Listen here: http://bit.ly/2eQLpFa

info

- september / october 2017 - 45

This is not the car of the future.

It’s already Europe’s best-selling 100% electric vehicle.

Renault ZOE

With a 250 mile NEDC range*, easy charging options and ultra-low running costs, it’s time to make the switch from petrol. Go electric with the multi award-winning Renault ZOE.

Find out more at renault.co.uk CO2 whilst driving: 0g/km, MPG: n/a according to NEDC homologation tests. *Homologated range according to NEDC test cycle, for comparison purposes, 250 miles, and may not reflect real life driving results. Range will vary on various factors including driving conditions, driving style, temperature and topography but is likely to be between 124 miles in winter conditions and 186 miles in temperate conditions with the Z.E. 40 battery.

CULTURE – WHAT'S ON A SELECTION OF RECOMMENDED CULTURAL EVENTS IN LONDON... AND FURTHER AFIELD

T H E ROYA L AC A D E MY O F A RTS, LO N D O N Matisse in the Studio

Right: Photograph by Lee Stalsworth. ©Succession H. Matisse/DACS 2017

‘I have worked all my life before the same objects… The object is an actor. A good actor can have a part in ten different plays; an object can play a role in ten different pictures.’

French artist Henri Matisse is best known for his work as a painter, sculptor, and printmaker, but the Royal Academy’s exhibition allows visitors to discover him with a new perspective.

Matisse in the Studio gathers the artist’s eclectic collection of objects from all around the world, which inspired him and his work. Teapots, curtains, panels and chairs owned by the artist are shown alongside their depictions in his works, transformed by the emotions he tried to convey through them.

Organised in five sections (The Object is an Actor, The Face, The Nude, The Studio as Theatre and The Language of Signs), the show provides a unique insight into different eras of Matisse’s career, and reveals the intimacy of the artist’s studio.

I Until 12 November 2017 / Open daily from 10am to 6pm, until 10pm on Friday / £15.50

Left: Safrano Roses at the Window, 1925, Oil on canvas, 80 x 65 cm.

Private collection.

Right: Two Women, modelled 1907-8, cast 1908. Bronze. Hirshhorn Museum and Sculpture Garden, Smithsonian Institution. Gift of Joseph H. Hirshhorn, 1966.

BA RB I C A N C EN T ER, LO N D O N

©Image courtesy Waddington Custot. Photo: Robin Brown

Waddington Custot Gallery at Frieze Masters 2017 This year’s Frieze Masters, will feature Waddington Custot’s tribute to Peter Blake, one of the leading figures of the British pop art movement.

The evocative installation will recreate aspects of Blake’s private studio, with books, photographs and cut-out figures taken directly from his desk. Major pieces from Blake’s six decade career will also be displayed, including seminal early work loaned by private collections, and important work from Blake’s personal collection, unseen by the public until now.

I 5-8 October / Open from 11am to 7pm (and to 6pm on Sunday) / From £35

Waddington Custot at Frieze Masters 2017

info

- september / october 2017 - 47

CULTUR E – WHAT ' S ON

TAT E B RI TA I N, LO N D O N Rachel Whiteread ©Rachel Whiteread. Photograph courtesy of the artist

Rachel Whitehead, born in London in 1963, is one of Britain’s most iconic contemporary artists. Her concrete cast of a Victorian terrace house, entitled House, is a prime example of her best known work: sculptures made from casts.

Whitehead’s sculptures, from the intimate to the monumental, will be displayed in a vast open gallery space in the Tate. The comprehensive exhibition tracks her career and showcases the sculptor’s most renowned work alongside more recent pieces. I Until 21 January 2018 / Open daily from 10am to 6pm / £16.50

Untitled (Room 101), 2003. Plaster, wood and metal, Musée National d'Art Moderne - Centre Pompidou, Paris

M USEU M O F SC I EN C E A N D I N D US T RY, M A N CH ES T ER Manchester Science Festival ©Science Museum Group

The eleven-day Manchester Science Festival will celebrate all things science. Experiments, debates, and other activities will be available at England’s biggest science festival. The annual event, now celebrating its tenth anniversary, aims to make science accessible for everyone.

Not to be missed is the headline act, Robots, an exhibition about humanity’s chase ‘to recreate ourselves in mechanised form,’ which features more than a hundred robots, from a 16thcentury mechanical monk to robots from both science fiction and modern-day research labs. I From Thursday 19 October to Sunday 29 October

WEL LCO M E CO L L EC T I O N, LO N D O N Can Graphic Design Save Your Life?

© Rubio Arauna Studio, Rai Pinto Studio. Picture by Victòria Gil.

‘Can Graphic Design save your life?’ examines the link between graphic design and health. The 300 exhibited objects range from leaflets to street art, and are drawn from the past five-hundred years of graphic arts.

Curated by graphic designer Lucienne Roberts, design educator Rebecca Wright (founders of publishing house GraphicDesign&) and Shamita Sharmacharja from the Wellcome Collection, the exhibition shows how graphic design plays a role in healthcare communication campaigns, and can raise awareness through visual language. I Until 14 January 2018 / Open Tuesday to Sunday from 10am to 6pm, until 10pm on Thursday and from 11am on Sunday / Free admission Tiger, Hospital Sant Joan de Déu, Barcelona

48 - info - september / october 2017

BOOK S – CULTUR E

THESE BOOKS, RECENTLY PUBLISHED IN ENGLISH, WERE SELECTED BY THE FRENCH INSTITUTE IN THE UK

THE SEVENTH FUNCTION OF LANGUAGE

BLACK MOSES

by Alain

Mabanckou

by Laurent

Published by Serpent’s

tail Translated by Helen Stevenson Original title: Petit Piment

Binet

Published by Harvill

Secker Taylor Original title: La Septième Fonction du Langage Translated by Sam

This picaresque novel, inspired by the Congo-Brazzaville of

In 1980, Roland Barthes is knocked down by a laundry truck

Alain Mabanckou’s birth, was longlisted for the Man Booker

in Paris and dies a month later. History has taught us it was an

International Prize 2017. In the 1970s, the Marxist-Leninist

accident, but this novel is about finding the murderer. Simon

revolution ushers in a new era, except in the orphanage ruled

Herzog, a doctoral student teaching a course in semiology, and

by the corrupt director Dieudonné where the hero, Moses, has

Jacques Bayard, a police captain, investigate the incident. Barthes

grown up. Moses escapes to Pointe-Noire where he finds a

had been at a lunch with future French President François

home with a band of prostitutes and thieves. The intervention

Mitterrand. Could the crime have a political dimension? A

of the authorities chases both the Merry Men and the Trois-

mysterious document which Barthes carried with him was stolen

Cents girls out of town. Moses falls into madness. He wanted to

after his death. I

be the Robin Hood of Congo. But he is closer to Don Quixote, striking out on a noble quest. I

MADAME BOVARY OF THE SUBURBS

by Sophie

Divry Published by Maclehose Press Translated by Alison Anderson Original title: La Condition pavillonnaire

THE PORTRAIT

by Antoine

Laurain Books Translated by Emily Boyce Original title: Le Portrait Published by Gallic

This novel tells the story of a disaffected mid-class life. M.A is a

Pierre-François Chaumont is a lawyer and avid collector of

woman with all the trappings: a job, a loving husband, three

antiques – a passion which his wife Charlotte finds useless and

children, and all the mod cons. Yet the drudgery of her daily

contemptible. When he finds an eighteenth-century portrait

routine begins to eat away at her, and she seeks other outlets to

of a man who looks exactly like him, Chaumont is convinced

appease her wandering interests: adultery, esotericism, yoga, and

that it hides a secret. His friends and his wife do not see the

even house-cleaning. Far away from this comfortable but absurd

resemblance. Yet Chaumont goes on a journey to unveil the

life, M.A wants to find her freedom. I

mysterious secret of the portrait, which seems to offer an opportunity for a new life. I

info

- september / october 2017 - 49

LIFESTYLE: EAT, DRINK, STAY DISCOVER THE L ATEST RESTAURANTS, HOTELS, BARS AND MORE

RAYMOND BLANC hosts a Festival of Music

T

he Raymond Blanc Festival of Music will be back this autumn on 3rd and 4th of October, with a more ambitious programme than ever. It will feature performances by Jack Savoretti, former poet-turned-acoustic singer/songwriter, and the Oxford Philharmonic Orchestra, which will perform one of Raymond Blanc’s favourites, Vivaldi’s Four Seasons. The Orchestra Guests will be welcomed at a champagne reception hosted by Laurent-Perrier.

Combining Blanc’s passion for both food and music, the Festival offers performances in extraordinary settings, taking place in front of an intimate audience in the neighbouring St Mary’s Church. Dinner will be hosted afterwards at Belmond Le Manoir aux Quat’Saisons, recently named best hotel in the country on the Hoteliers’ Hotels Top 100 list by The Caterer and Sky. The five-course dinner’s menus will change from one evening to the next, including French onion soup, shellfish bisque, and the meat dishes like roasted Norfolk quail and loin of Rhug estate venison. These and other dishes from the twoMichelin-starred kitchen will be accompanied by selected wines from the cellar. Attendees may choose to spend the night in the 32-bedroom property, located in the picturesque village of Great Milton. I JVB

The Churchill partners with La Fromagerie The Montagu, the restaurant at the Hyatt Regency London – The Churchill, has partnered with La Fromagerie to offer an interactive, cheese-lovers experience, inspired by Churchill’s fondness for a daily cheese platter. Diners can enjoy a selection of Alsop & Walkers finest British cheeses on platters tailored to their pallet, paired with first-class English, French and New World wines or Gonzales Byass’ Solera and Pedro Ximénez Sherry. I

Les 110 de Taillevent wins ‘Best of Award of Excellence’ Les 110 de Taillevent, overlooking Cavendish Square, was awarded the Wine Spectator’s ‘Best of Award of Excellence,’ recognising the restaurant’s deep commitment to wine and wine and food parings. Les 110 de Taillevent offers a selection of 110 wines by the glass, which it pairs with 30 seasonal dishes. The Wine Spectator is an influential industry body; its magazine reaches more than 3 million readers around the world. I

The Four Seasons at Park Lane unveils new Mayfair Suites Overlooking Hyde Park’s green landscapes, the new Mayfair Suites have been recently transformed by acclaimed designer Pierre Yves Rochon. John Stauss, General Manager of the Hotel, has commented: ‘These stunning Mayfair Suites are a fantastic addition to the Hotel, with floor to ceiling windows and a stylish seating area overlooking this green expanse, the suite offers the perfect oasis to enjoy the capital from your own private haven.’ I 50 - info - september / october 2017

E AT, DR INK , S TAY – LIFE S T YLE

In the Kitchen: Marcus Wareing With three restaurants – including two-Michelin-starred Marcus at The Berkeley – and a leading role on Masterchef: The Professionals, Marcus Wareing is one of Britain’s most high-profile chefs. INFO speaks with him about his culinary approach and the debt he owes to French gastronomy

French gastronomy was the basis of my training, and that of all of my peers. It's what we were all built on. In short we owe a lot to the French culinary tradition

Each of your three restaurants – Marcus, Tredwells, The

How would you describe your culinary influences?

Gilbert Scott – have their own specific identity. Which

French cuisine is steeped in tradition. Something British

kitchen do you most enjoy spending time in and why?

cuisine doesn't have. When I was starting out, Google didn't

Marcus at The Berkeley. It's my flagship. It's where I hold my

exist. Books were your only go-to platform to be inspired. Joël

2 Michelin stars. I've been in that space for 15 years now.

Robuchon, Alain Ducasse, Albert & Michel Roux Jr. - these were

Five years as Petrus and next year is the 10th anniversary of

the chefs who were inspiring me, whose books I was reading.

Marcus (originally Marcus Wareing at The Berkeley).

My ambition is to be a pioneer in driving Britain's culinary heritage and for us to be recognised, globally, for great food,

Your protégé Chantelle Nicholson has taken the helm at

great produce and great wines.

Tredwells. Could you describe your approach to nurturing the next generation of British chefs?

Your new cookbook is called ‘New Classics’. What is the

Food will always be the same. It's about creative thinking.

secret to creating new dishes with lasting impact?

Include your chefs in the creative process of a dish's

Only time will tell. This book is all about my versions of what

conception, nurture them and ensure they have the necessary

I believe the classics of the future could be. It might not be a

training. Providing inspiration, empowerment and good

classic today, but I'm hoping that next year, in 10 years time, in

communication are also key.

100 years time even, it might be.

Many of the top chefs in Britain trained in France or under

What, in your opinion, are some of the most exciting

French chefs. How would you describe the debt British

trends in the UK and London food scene at the moment?

cuisine has to the French culinary tradition?

Affordable food has become incredibly tasty. Burgers, pizzas,

Fundamentally, French gastronomy was the basis of my

hot dogs - what we used to think of as junk food is now great

training, and that of all of my peers. It's what we were all built

and has a fantastically affordable price tag to go with it.

on. In short we owe a lot to the French culinary tradition.

It forms the foundation of everything I've done and continue

What’s next for Marcus Wareing Restaurants?

to do.

Nurturing existing talent and translating it into business. I JVB

info

- september / october 2017 - 51

LIFE S T YLE – CHE E SE & WINE

A M I DU CHA M BERTI N by La Cave à Fromage Ever since the British referendum, uncertainty and questioning have re-entered the zeitgeist. We are surrounded by a debate which is full of contradictions. Meanwhile, the best products from the terroir—tradition plus agriculture—remain the ones that satisfy us, without the intrusion of politics. Only the delicate balances of nature have the ability to influence the taste of great products.

Ami du Chambertin, an elegant bourguignon cheese, summarises the idea perfectly.

Created in the 1950s by the famed Raymond Gaugry, Ami du Chambertin is made from the milk of selected cows, and washed in Marc de Bourgogne – a strong Brandy made from the distillation of Burgundy wine – which gives it its strength.

Appropriately, it takes its name from the winemaking region in which it is produced (close to Gevrey-Chambertin).

The tall cylindrical cheese is soft under its orange rind, with a flaky textured pate, and notes of chocolate and peanut,

E: eric@cheese.biz T: +44 (0)845 108 8222 W: www.la-cave.co.uk

finishing with a juicy, buttery finish. In the autumn, put it in the oven to warm it and elevate it from its tepidness. One taste and any thought of politics will quickly disappear! I Eric Charriaux

TO BUY YOUR CHEESE, VISIT LA CAVE A FROMAGE SHOPS 24-25 Cromwell Place, 229a Chiswick High Street, Kensington, London SW7 2LD Chiswick, London W4 2DW

34-35 Western Road, Hove, Brighton BN3 1AF

TH E I D E AL WI N E WITH TH E A M I DU CHA M BERTI N by Wine Story As we say in France, ‘les amis de mes amis sont mes

on the best soils in the appellation, on which they

amis.’ [The friends of my friends are my friends.] To

hand pick their grapes according to certified organic

match the strong character of Ami du Chambertin, I

practices.

have selected a long-time friend (my father’s friend

A great deal of work has gone on in the vineyards.

as well, which I remember from my childhood):

Its small yields – 30 to 35 hl/ha – produce high-

Madiran.

quality, perfectly-ripe grapes. Very little intervention

The medium and full-bodied red wines of

happens in the cellar, with the aim to draw out the

Madiran come from the foothills of the Pyrenees

greatest potential from the grapes, and allow the

in the South-West of France. They are ideal with

identity of the land to infuse itself into the wine.

local traditional dishes such as duck breast and

The rising-star Mur winemakers (as named by

Cassoulet, the famous bean casserole. Madiran is

Decanter) make two wines. l’Esprit de Basté is an

perfect pairing for the comfort food we crave in the

entry-level wine for relatively early drinking (blend

autumn.

of 70% of the local grape Tannat and 30% Cabernet

Chantal and Philippe Mur created the estate of

Franc). Their top cuvee, made from a hundred

Clos Basté in 1998, when they acquired their Basté

percent Tannat grapes, is ideal for long ageing. Both

house. Today, they have 10 hectares of vineyards

wines will pair perfectly with Ami de Chambertin. I

TO ORDER THE ABOVE-MENTIONED WINES AND OTHERS, CONTACT: E: thibault@winestory.co.uk T: +44 (0)7921 770 691 W: www.winestory.co.uk 52 - info - september / october 2017

It’s all about connections W ho we are

W hat we offer

> The largest foreign Chamber

> The strength of a network

of Commerce in the UK

> The ideal platform to exchange

> 134 years of experience

with decision makers

> 600 members ranging from

> A wealth of information and

SMEs to Blue Chip companies

experience

in all sectors > Half of our members are non French

> Bespoke solutions to develop your business > Access to the right people

www.frenchchamber.co.uk For more information, please contact Justine Kaouane Membership Department e:jkaouane@ccfgb.co.uk t: +44 (0) 207 092 6638

AT THE CHAMBER LO N D O N LU X U RY T H I N K TA N K Tuesday 31 October Wednesday 1 November At Havas LuxHub Thursday 30 November At The May Fair Hotel

A

s we welcome our members back

delighted to introduce Sadia Ricke,

Another exciting event in our autumn

from la rentrée, we are excited

Group Country Head for the United

calendar is the annual Franco-British

about the Chamber’s activities

Kingdom and Head of Coverage and

Business Awards on 30 November,

in the autumn. This includes a busy

Investment Banking at Société Générale

which celebrate the vital trade and

schedule of events and opportunities for

(see p. 56). She began her career at

investment

members to develop their businesses

Société Générale in 1994 in the Financial

countries. The awards acknowledge the

in new and exciting ways. As always, the

Institutions Credit department, and has

accomplishments of both French and

Franco-British relationship lies at the

held roles for the bank in Paris and Hong

British companies of all sizes, from start-

core of what we do, and we look forward

Kong. We are greatly looking forward to

ups to SMES and blue-chip companies

to strengthening these links over the

working with her.

on both sides of the Channel. Please

coming months.

links

between

our

two

Our membership department is

get in touch to find out about applying.

Firstly, we are delighted to welcome

as busy as ever, and we are pleased

Categories include Start-up & SME

the new French Ambassador to the UK

to announce a new Patron member,

and Large Corporate – and this year

Jean-Pierre Jouyet, and his spouse

SGG UK, a leading multi-jurisdictional

we have introduced a new category,

Brigitte Taittinger-Jouyet, to London.

provider of financial services. We look

Sustainability. Other important dates

We wish them both an enjoyable stay

forward to working with them, and to

include our Annual Financial Lunch

in the capital, and look forward to the

networking with their representatives at

on 23 November, where our guest

Ambassador’s

our Events and our Forums and Clubs.

speaker is François Villeroy de Galhau,

involvement

with

the

Chamber’s activities.

On that note, we would like to remind

(pictured), Governor of the Bank of

We have been fortunate to have

you of our upcoming Luxury Think

France; an exclusive Breakfast with

had a close working relationship with

Tank on 31 October and 1 November,

Fabienne Viala (pictured), Chairman of

the French Embassy over the years.

organised in partnership with Walpole

Bouygues UK at the Bulgari Hotel on 29

The outgoing French Ambassador, HE

and the FT as media partner. The

September; and our Trade Delegation

Ms Sylvie Bermann, attended 37 of our

event is the first of its kind in London,

to Dublin on 5 and 6 October. Our

events in her three-year tenure in the

and promises to be an important

delegation will be welcomed by HE Mr

role. She will be greatly missed. As she

new forum to explore topics such as

Stéphane Crouzat, French Ambassador

settles into her new position in Moscow,

Innovation & sustainability, future tech

to Ireland. For those with responsibility

as French Ambassador to Russia, we

(AI, VR, AR), future consumers and new

for UK/Ireland markets, the delegation

wish her great success.

business models. Please stay tuned for

is a great opportunity to meet local authorities and decision makers. I FG

We would also like to welcome a new member to our Board of Directors. We’re

54 - info - september / october 2017

an announcement of our panels and speakers.

NE WS – AT THE CHAMBE R

Announcing the New French Ambassador to the UK

T

he French Chamber welcomes the new French Ambassador to the UK, Jean-Pierre Jouyet and his spouse Brigitte TaittingerJouyet. We wish them all the best in the UK. We also please to welcome Sandrine Gaudin as the Councillor for Economic Affairs;

François Revardeau, Deputy French Ambassador to the UK and Claudine Ripert-Landler, Cultural Councillor and Director of the

French Institute.

Mr Jean-Pierre Jouyet graduated from ENA (Ecole Nationale d’Administration) in 1980. He is also a Lawyer.

Between 2007 and 2008 he was the Secretary of State for Francois Fillon’s Government. He was the president of the ‘Autorités des marchés financiers’ from 2008 to 2012.

In 2012 he was appointed as Director of the ‘Caisse des dépôts et consignations’ and President of the ‘Public Investment Bank’. He held these positions until 2014; he was then appointed Secretary General of the Presidency.

New board member: Sadia Ricke, Group Countr y Head for the United Kingdom and Head of Coverage and Investment Banking in the United Kingdom

W

e are delighted to announce Sadia Ricke has joined the Chamber as a new addition to our Board of Directors. We very much look forward to working with her. Ricke began her career at Societe Generale in 1994 in the Financial Institutions Credit department. She has more than 13 years of structured finance experience in the Natural Resources and Energy Finance division where she was Co-Deputy Head, a position she held until 2010.

Sadia was Head of Credit Risk for SG CIB in Paris before moving to Hong Kong to take on the role of Head of Global Finance for Asia Pacific in January 2015. She was appointed Group Country Head for the United Kingdom and Head of Coverage and Investment Banking in the United Kingdom in January 2017.

Florence Gomez celebrates 10 years at the French Chamber

T

he 13th of September marked an important anniversary at the French Chamber. Florence Gomez, Managing Director, assumed her role in 2007. Her ten year milestone was feted with champagne and cake in an intimate celebration in the Chamber’s offices. Under Gomez’s leadership the Chamber has enjoyed an exceptional period of growth and development, surpassing an annual turnover of £2m. A small list of her many accomplishments include strengthening relationships with Patron members, introducing Forums and Clubs, re-launching the Chamber’s flagship publication INFO, and overseeing a consistent year-to-year increase in Chamber membership. We wish her all the best for the next ten years!

info

- september / october 2017 - 55

Forums and Clubs

T

he Chamber offers dynamic and business-oriented Forums and Clubs that gather experts, drawn from the Chamber

membership, on a transversal issue or a sector of activity and that aim to give access to targeted information. Headed by a Chair or co-Chairs, Forums meet up to six times per year, inviting guest speakers, covering specific themes and communicating on their conclusions. The Chamber hosts these meetings with the aim of offering members a free and unique opportunity to

Key Figures for mid-year 2017:

• 26 Sessions • 313 Individual Participants • 41 Guest Speakers and Experts invited • 172 Companies involved • 25 Articles in INFO

exchange experiences at the highest level of management and to share best practices with like-minded professionals.

Members' engagement rate:

Our Forums: Brexit, Climate Change, Digital Transformation

• Active Members: 16% (64 member companies)

& Innovation, Finance, HR, Retail

• Corporate Members: 33% (36 member companies)

Our Clubs: Luxury, Start-up & SME, Women’s Business Club

• Patron Members: 50% (43 member companies)

Enter the Franco - British Business Awards 2017

DEADLINE: 16 OCTOBER 2017

British Business Awards were launched in 2000 to celebrate bilateral trade and investment on both sides of the Channel.

The Franco-British Business Awards acknowledge the accomplishments of French and British companies of all sizes, from start-ups to SMEs and blue-chip companies.

If your company has grown significantly over the past few years, created jobs, developed innovative services, products or campaigns, engaged in Corporate Social Responsibility, encouraged diversity or been proactive in terms of climate change and sustainability, it could be up for a Start-up & SME award, a Large Corporate award, or – new this year – a Sustainability award.

The awards ceremony, sponsored by Eurostar, Mazars, and Frenger International, will take place at the May Fair Hotel on

T

he Franco-British Business Awards (FBBA) are now open

30 November. Make sure you apply before the deadline of 16

for nominations. Organised by the French Chamber of

October, by visiting our website at francobritishbusinessawards.

Commerce under the high patronage of the French Ambassador

co.uk or contacting Anne-Claire Lo Bianco (alobianco@ccfgb.

to the UK and the British Ambassador to France, the Franco-

co.uk) for more information.

Update your director y details

I

t’s that time of year again when we start working on the new edition of the Franco-British Trade Directory. We urge all members to return the forms sent to them with their updated or confirmed information as soon as possible. The directory is a compilation of more than 2,000 French Chamber members’ and their representatives’ contact details as well as key contacts within the Franco-British community, and is a key tool for communication and company visibility. For more information about sponsorship please contact Anne-Claire Lo Bianco, alobianco@ ccfgb.co.uk; for application information, contact Camille Gorin, cgorin@ccfgb.co.uk.

To discuss advertising opportunities, contact Suzanne Lycett, slycett@ccfgb.co.uk.

The directory is also available to view here: www.ccfgb.co.uk/membership/searchfor-members.

56 - info - september / october 2017

NE W ME MBE R S – AT THE CHAMBE R

NEW MEMBERS 1 NEW PATRON MEMBER SGG UK LIMITED – Financial Services

Represented by Emmanuelle Dotezac, Market Leader UK SGG Group is a leading multi-jurisdictional provider of financial services in Europe and beyond.

We pride ourselves on the expertise and responsiveness we bring to our clients, providing tailored, global solutions in a transparent and cost-efficient manner.

www.sgggroup.com

5 NEW CORPORATE MEMBERS HILTON BANKSIDE Luxury Design Led Hotel & Event Venue Represented by Carmen Rademacher, Director of Sales Nestled in London's vibrant Bankside area, Hilton London Bankside offers the perfect base for exploring the city. Located just steps from the Tate modern, the Thames river, Borough Market and Shakspeare's Globe theatre. Stunning meeting and conference facilities make the hotel ideal for your next event, and our exciting location keeps business and travelers in the heart of London. londonbankside.hilton.com

SIGNATURE COMMUNICATION Training & Facilitation Services Represented by Pinar Akkaya, Managing Director Signature specialises in communication training programmes, personal brand and image consulting training, intercultural training and action-oriented facilitation for strategic meetings. The mission of Signature is to help companies, leaders and teams develop their competencies on human communication. Signature’s references include several reputable multinational companies www.signaturecommunication.co.uk

SILVERA Specialises in Designer Furniture and Accessories for Home and Workspace Represented by Brigitte Silvera, Director Founded by the Silvera family in 1990, SILVERA has become the leading contemporary furniture and lifestyle retailer in Paris, turning over 84M euros in 2016. It encompasses 10 Parisian showrooms, 1 London flagship, a 6000 m² logistics centre, a SILVERA vehicle fleet, a French eShop, a dedicated export department and over 170 employees.

The SILVERA catalogue contains over 500 international designer brands and showcases iconic and up-and coming designers. www.silveraltd.co.uk

WILLIS TOWER WATSON Global advisory, Broking and Solutions Company Represented by Nick Dussuyer, Head of Clients & Industries Western Europe Gras Savoye Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. We deliver solutions that manage risk, optimise benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Together, we unlock potential. Learn more at grassavoye.fr www.willistowerswatson.com

info

- september / october 2017 - 57

NE W ME MBE R S / NE W MA IN R E PR E SE NTATIVE S – AT THE CHAMBE R

10 NEW ACTIVE MEMBERS Citigate Dewe Rogerson – International Financial and Corporate Public Relations Consultancy www.citigatedewerogerson.com Represented by Agnes Riousse, Director Executive Health Control – Total Healthcare Solution- www.executivehealthcontrol.co.uk Represented by Ryan Lukas Farhad, Founder & CEO IKADIA – Communication Agency - www.ikadia.co.uk Represented by Olivier Bernardi, CEO J2–Reliance LTD – Cross-cultural Leadership, Organisational Culture, Conflict Management - j2reliance.co.uk Represented by Jacques Arnol-Stephan, Leadership Coach & Director LeSalon (LeSalonBeauty Ltd) – Beauty Services Delivered to Your Home or Office - lesalonapp.com Represented by Jean-Michel Chalayer, Co-founder & CEO OMYAGUE – High End Corporate Gifts - www.omyague.com Represented by Nahalie Cozette, CEO OpenWork by Le Monde Après UK Ltd – We Hire Independent Consultants Worldwide - www.lemonde-apres.com Represented by Jean-Hugues Zenoni, President Promosalons UK Ltd – Sales and Marketing for International Trade Shows - www.promosalons.co.uk Represented by Amelie Galatry, General Manager Street League – Young People’s Sport for Employability Charity - www.streetleague.co.uk Represented by Nithee Kotecha, New Business Development Manager The Money Cloud – International Money Transfer Comparison Platform - www.themoneycloud.com Represented by Emmanuel Addy, Chief Commercial Officer

NEW REPRESENTATIVES BÉNÉDICTE DUVAL, General Manager UK & Ireland, Air France KLM, has succeeded Warner Rootliep.

Bénédicte has more than 30 years’ experience working in the airline industry. She has held a variety of key management positions. Benedicte started her career with Air France in 1986.

JON SLADE, Chief Commercial Officer, is the new main representative for The Financial Times. He served as Managing Director of B2C at The Financial Times until 2016 and served as its Managing Director of Business for Consumer Operations since 2014.

MIKE HUGHES, Zone President UK & Ireland, Schneider Electric, has succeeded Tanuja Randery. As EVP for strategic customers and segments, Mike leads an organisation that works with large global customers on efficiently increasing their overall operational activities. In his 15 years international career with Schneider Electric, Mike has held numerous business leadership positions across the globe.

PAUL SCALES, Programme Director for Capgemini’s Global Country Boards programme, replaces Bob Scott, Senior Vice President. Paul’s role at Capgemini involves the structuring of large and complex deals as well as Corporate Development involving joint ventures, mergers and acquisitions and corporate recovery.

58 - info - september / october 2017

A PRACTICAL APPROACH TO HUMAN RESOURCES IN GREAT BRITAIN

New to HR in the UK?

ÂŁ15 200 pages

W

hether you are working within a large HR team, operating as an external advisor or are a business leader with responsibilities for the HR aspects of your organisation, this guide will help you to prepare for the challenges you face when working with employees in the UK. This guide is also much appreciated by the senior management and HR staff of UK subsidiaries of French companies. Millennials, working conditions, salaries or payroll, the guide provides an overview of all the topics that relate to managing a workforce in Great Britain. It is the reference tool to do HR in the UK! Areas covered include: How to recruit - The legal framework - What salary and benefits? - Payroll, taxation and other charges - Recruitment on the internet - Working conditions

Buy our practical guide on: www.frenchchamber.co.uk

Translated by HL TRAD

LUXURY CLUB

`The Most Popular Art Exhibition Ever!’

The Luxury Club welcomed iconic British artist Grayson Perry CBE for an exclusive tour of his exhibition at the Serpentine Gallery following a breakfast at the Royal Albert Hall

I

t was a very special morning for the Luxury Club, who enjoyed

about how to portray what the media has dubbed a fissure

a classic breakfast in the Prince of Wales room of the Royal

running through the heart of the society. In Perry’s hands, the

Albert Hall, followed by an exclusive tour of Grayson Perry’s

art reflects a wit which toys with the idea of cynicism. Perry

new exhibition at the Serpentine Gallery, led by the artist

admitted as much as he introduced the Luxury Club members

himself.

to the exhibit: ‘Beyond my cynicism that you will see on display

The event was overseen by luxury club chair Tom Meggle,

here, there is idealism, but I keep it protected deep in my heart.’

Managing Director UK, Ireland & South Africa, Louis Vuitton,

The exhibition also features his work on male identity and

and included a short introduction to the proceedings by Craig

masculinity – two tapestries that he made in conjunction with

Hassal, CEO of the Royal Albert Hall. Florence Gomez, Managing

a Channel 4 documentary, based on meetings with out-of-work

Director of the Chamber, noted that this event was part of an

men in industrial towns in the North East and City traders in

ongoing partnership with the Royal Albert Hall. Over the past

London.

three years, they have collaborated with the Chamber on a series of successful luxury and cultural events.

Reflecting

a

particularly

British

pre-occupation,

the

exhibition begins with a piece about money: a two-headed piggy

Tom Meggle spoke about his motivation to select Grayson

bank. The many coin slots on its back are labelled with different

Perry for the event, highlighting Perry’s 2013 collaboration with

descriptive words. ‘Hope’, ‘Urban’, Female’, ‘Rich,’ ‘Poor.’ The two

Louis Vuitton. The brand shares Perry's interest in craftsmanship

heads meant to represent the dichotomy of the EU debate.

and creativity. In 2011, they commissioned the artist to design

‘I like seeing where people put their money, and what it says

a bespoke trunk. Adorned with his trademark folkloric figures,

about their identity. But the irony is all the money goes into one

the trunk is called 'LVAM1' (like a number plate), short for 'Louis

pot,’ says Perry.

Vuitton Alan Measles 1.’ Alan Measles is the artist's 50-year-old teddy bear, who features in much of the his work.

Further into the exhibition are works dedicated to another of Perry’s interests: popularity. The woodcut ‘Reclining Artist’

Meggle noted that Perry’s art often engages with his

portrays Perry at home, surrounded by personal aesthetic

childhood, among other themes such as his life as a transvestite

and lifestyle cues. ‘It’s the idea that people in the art world are

and issues around masculinity. These themes and others feature

as fascinated by me as an artist as they are by my art. Your

in the artwork—including pottery, tapestry and illustration—on

persona is as much of a draw as your work,’ says Perry.

display in the Serpentine exhibition, sarcastically titled ‘The Most Popular Art Exhibition Ever!’

Tour of Serpentine exhibit led by Perry

Yet politics is never far way. And though Perry takes a critical view of politics in the art world – what might be seen a bleeding heart liberal approach – he isn’t above jumping into the fray himself, with a kind of meta-commentary. ‘It’s very trendy for

Perry’s exhibition wrestles with the unique British aesthetics

artists to be political in their work. But I get a little fed up with

and meaning behind the EU referendum, asking questions

all this banging on with all these terrible things going on in the

Left: Breakfast in the iconic Prince of Wales room of the Royal Albert Hall Right: Tom Meggle of Louis Vuitton and Grayson Perry CBE Next page: Luxury Club members with the artist at his Serpentine exhibition

60 - info - september / october 2017

LUXURY CLUB

world. It doesn’t make your art any better. This is my response

where they have these little post shrines outside farms.

to it [pointing to one of his vases], saying things like 'Flat whites

Normally they have the Virgin Mary or Jesus. I thought I’d make

against racism.'

one to my relationship with my wife. Inside my tummy, is the

In front of one of his tapestries reflecting modern British

value stem from our BMW motorbike, because very early on in

masculinity in the City of London, Perry notes: ‘The City Traders

our courting, my wife said she had never been on a motorbike. I

were the most difficult to talk to. They were very well educated

took her on a drive up the M11 one night, and it broke down in

and knew all the feminist lips service, all the right things to say. I

the rain. We spent the rest of the night pushing the motorbike

kept digging to try to get them to consider that their masculinity

back up to motorway in the rain. She said it was one of the most

was playing a part in their business.’

romantic nights of her life.’ I JVB

The financial services sector figures in other work including the woodcut ‘Animal Spirit,’ which is an image of half bull, half bear creature. ‘When we had the 2008 crash, one of the phrases that you heard was ‘animal spirits’. That’s their word for things that got a bit irrational. But men are just as irrational as women, though they like to think that they have the monopoly on objectivity.’

‘A lot of the imagery on it, is from Japanese candlestick graphs – based on Japanese rice traders from 14-15th Century.

I was trying to find imagery in the city, but you walk into these office like bachelor pads, the foyer of big city firm . Black marble, beige, leather – all so bloke-y and boring. Like a big bachelor pad. You never walk into a city firm and think, oh this office is feminine.’

The tour continued to the Brexit pots where Perry elaborated. ‘Through social media I got people to send me their portraits, their favourite brands, people they thought embodied their values, their tattoos. I put them all onto these vases to show their differences. It’s interesting that both the groups chose blue for the colour of their pot.’

Perry’s Marriage Shrine rounded out the exhibition with a personal note. ‘I’ve always liked cultures, particularly Lithuanian,

GRAYSON PERRY CBE RECENT CAREER HIGHLIGHTS • 2011 – Exhibits Tomb of the Unknown Craftsman at the British Museum • 2012 – Exhibits a series of tapestries, The Vanity of Small Differences, at the Victoria Miro Gallery • 2013 – Delivers BBC Reith Lectures • 2014 – Awarded a CBE by the Queen • 2015 – Appointed Trustee of the British Museum and Chancellor of the University of the Arts London • 2016 – Presents a series exploring masculinity for Channel 4, All Man info

- september / october 2017 - 61

START-UP & SME CLUB

The ART of the PITCH As an entrepreneur you’re eager to talk about your business – but there are certain key rules to getting your message across

W

hen it comes to pitching your business to potential customers,

investors, or the public at large, many new businesses struggle to get their message across. The art of a great pitch is something that needs to be learned – and rehearsed – well before the important day.

This was the idea behind the inaugural ‘Pitching Session’ of the Chamber’s Start-Up and SME Club – a chance for businesses to try out their sales or business pitch on fellow entrepreneurs, French

story from the customer's point of view.

Montille,

businesses which have crossed the

What is the value that you can bring to

Founder of Merci Maman Personalised

channel to do business in the UK, the

your clients? Put another way: What is

Gifts and Jeanne Monchovet, Founder

session also looked at the problem of

their pain – and what is your solution for

Olystix, set up the session in order

translating your business from a French

that pain?

for entrepreneurs to get meaningful

to British context.

in a relaxed natural environment.

Co-chairs

Arnaud

de

half

feedback on how they deliver in front

representing

successful

These simple questions are often overlooked

by

new

entrepreneurs,

of a crowd, to see if their key messages

Pitching: the basics

are getting across. Central to this idea

What are the basics of a great pitch?

because they are too close to the specific

was the fact that the entrepreneurs were

Entrepreneurs need to begin thinking

technological selling points, which often

pitching to their contemporaries, and not

about good, old fashioned story-telling.

don’t resonate with customers.

to industry experts in their respective

According to Monchovet, ‘a story is all

Monchovet also underlined that it

markets.

about establishing a context. Something

is important for businesses to be able

that helps us visualise what you are

to spell out how they are different from

selling.’

the competition. ‘It’s one of the simple

‘Pitching

to

people

who

aren’t

experts is an excellent barometer,’ says Monchovet, a communications training

‘It is about the big vision – staying, if

specialist. ‘This was the beauty of the

you will, with the helicopter view of what

exercise. Can you tell the simple story?’

you are doing and selling.’

With roughly half of the participants

Attendees heard that one way they

being London-based start ups, and

can do this, is by thinking about their

especially in the booming digital space,

recipes for pitching – knowing how they stand out and differentiate themselves.’

As the first pitching session was a success, we have decided to replicate the event in future. I

Testimonials Gaspard Schmitt, Side ‘I pitched about Side. We are an on-demand staffing service. Our clients (HelloFresh, Deliveroo, Levi's...) rated us as the best temp provider in London. We help in customer service, sales assistant and packing roles. This first pitching session was a great way to meet with new thriving entrepreneurs and managers based in London. We have a lot of common challenges to talk about. I even met again later on with some of them. The session helped us get feedback from people who know London well and also make connections with new potential clients.’

62 - info - september / october 2017

Jean-Philippe Verdier, Verdier & Co. ‘I presented the corporate finance services of Verdier & Co. and the differentiating nature of its independent consultancy nature – hence not exclusively transaction biased like all investment banks. The first session featured very professional presentations by all participants. And it was a great opportunity to receive constructive feedback from an engaged audience, learn from others, all of this in a safe and friendly environment.’

RETAIL FORUM

Property: Key Challenges and Drivers In the last 18 months there has been an unprecedented focus on local property taxation in the UK. Mark Higgin, Head of Business Rates at Montagu Evans LLP examined some of the recent changes

C

o-chaired by Catherine Palmer, Legal Director at the luxury

in some locations, rate bills have gone up by over 50% in the

fashion retailer Joseph, and Alain Harfouche, General

last twelve months. Those expecting reductions have found

Manager at L’Occitane, the latest retail forum heard from

that there is a restriction on those which amount to a few

industry experts Michel Horwitz and Martin Summerscales of

percent for many London properties.

CBRE, and Mark Higgin of Montagu Evans LLP. The key message was that businesses should be aware of

In these circumstances many businesses turn to the appeal system to try to redress the balance, but Government

the recent changes in taxes affecting local property, after an

has been at work here too. The existing, relatively easy to use

unprecedented intervention from government on issues such

method has been replaced by a three stage, 'check, challenge,

as buy-to-let, stamp duty and others in the past year and-a-half.

appeal’ process. This system can currently only be accessed

Many businesses and especially those based in London

through the gov.uk portal. This has proved nearly impossible to

will have seen marked changes in their liabilities with the

navigate and unreliable. Users report data losses and difficulty

introduction of the 2017 Revaluation which came into

in claiming the relevant properties. The Government, through

effect in April. Rate bills are now based on 2015 values. The

the Valuation Office Agency has recognised that the system

postponement of the 2015 Revaluation means that the new

was introduced in a flawed state and is working hard with

figures contain two additional years of rental growth.

professional bodies such as the Royal Institution of Chartered

To make matters worse, the UK has the highest rate of annual property tax in Europe, twice that payable in France.

Surveyors (RICS) to find a solution.

With the whole system now in a complex, if not chaotic

Furthermore, the Government has restructured the transitional

state, if you are contemplating an appeal, it is essential to

scheme which had previously helped cushion the effects of a

take proper and timely advice from a suitably qualified (RICS)

revaluation. The combined effects of these changes mean that,

surveyor. I

These changes mean, in some locations, rate bills have gone up by over 50% in the last twelve months

The whole system is now in a complex, if not chaotic state. It is essential to take proper and timely advice from a suitably qualified surveyor

HR FORUM

HR FORUM

Developing High Performance Teams

The idea of achieving better productivity and innovation through teamwork is back on the radar of businesses and organisations, says Roxana Barbulescu, Associate Professor at HEC Paris, in the latest HR Forum

O

nce the hallmark of the post-war

sense of control, and people have a

(including 2500 people) showed that,

Japanese workplace, working in

specific sense of accountability,’ says

in an innovation setting, teams work

teams is once again a productive tool

Barbulescu. ‘It is easier to measure and

well. Included in this study were R&D

for businesses and organisations, says

reward good performance. The key

engineers and scientists, innovation

Roxana Barbulescu, Associate Professor

problem with teams is: “how do you

teams and product development teams.

of Management and Human Resources

motivate them as a team and how do

And especially in instances where

at HEC Paris.

you reward individuals?”’

team-based bonuses were better than

Teams are particularly relevant

individual rewards, greater innovation

now, as time spent by managers and

Building better teams

employees in collaborative activities

It can be a huge investment to re-

increased, and there was a decrease in

has increased by 50 percent in the last

organise a business into teams.

people’s temptation to leave jobs.

two decades. At many companies, 75

Business must decide if the benefits

percent of employees' time is spent

outweigh the costs. According to

were evaluated by their functional boss,

communicating with colleagues.

Barbulescu, in order for a team

rather than the leader of the cross

approach to make sense and function

functional team, showed less positive

properly, these factors must be met:

results. This scenario created conflict

Why use teams?

The main advantage, according to

you are pooling a diversity of ideas.

Other advantages include: increased

Other results in cases where teams

and reduced productivity, revealing that

Barbulescu, is that they can offer more creative solutions, because

was fostered. Project performance

1. The work requires a range

a key aspect of the success of a team

of skills, view, expertise;

relies on who will be evaluating their

2. The different components of the

ownership, which leads to more

work are highly interdependent; 3. Sufficient time is available to

performance. ‘ The analysis shows that high diversity is good for innovation, because

dedicated staff, and improved

organise and structure the team

of the potential for more ideas to be

coordination and camaraderie across

effort;

brought out,’ says Barbulescu. ‘However

the organisation.

4. Individuals desire a team

However teams are not without

experience and can be

their challenges; including a challenge

trusted to support each other;

to traditional ways of working. They are

5. The organisational reward

it also increases the likelihood of interpersonal conflict.’

‘We speak different languages, we come from different backgrounds. Of

often not as efficient as independent

structure and culture

course we are not going to be totally

(individual) work. Also it can be simpler

support a team approach.

aligned, we use different words. It

for managers to monitor progress and

requires more training to overcome

achievement in their staff outside of

Does it work?

teams where work is shared.

A comprehensive research programme

productivity and innovation can flourish

at MIT of 21 organisations over 7 years

in new and exciting ways.’ I

‘Individuals have a greater

64 - info - september / october 2017

this problem. But if it is done right,

CLIMATE CHANGE & SUSTAINABILITY FORUM

Energy efficiency: the forgotten priority The latest Climate Change and Sustainability Forum discussed the importance of energy efficiency to UK businesses and households

E

nergy efficiency is an increasingly pressing

are behavioural changes at individual level. ‘It’s

– and often-overlooked – issue facing UK

proven that if you get employees to change their

businesses

and

homeowners,

say

energy

behaviour, you will save 3-10% of your business

industry experts George Adams, Director of

bills,’ says Kennedy.

Energy and Engineering of SPIE UK, and Anne-

For

France Kennedy, Director of ON5.

Kennedy,

achieving

meaningful

behavioural change, poses specific cultural

Speaking to the latest Climate Change and

challenges in the UK. ‘There is a lot of research

Sustainability Forum, they reported that part

that shows that everyone would benefit from

of the response to climate change and the

saving energy. But we don’t do it, and the

shift to environmental sustainability must be a

question is “why not?”’

concerted effort on the part of individuals and

‘The reason we don’t do it is because it is very

organisations to use less energy at home and at

complex and can be costly,’ she continues. ‘For

work.

instance, how do you measure your return on

Adams began his presentation by reminding

investment in your household if you change your

the forum of the big picture. As a global

boiler?’ This is further complicated by the fact that

population, we are still heavily tied to non-

the UK property market is highly dynamic. Homes

renewable sources for our energy needs. ‘Despite the good

change hands frequently, which means that people are tentative

points about solar and wind, we are still dependent on fossil

about investing in home improvements that only see a return on

fuels for the next thirty to forty years, at least.’

investment in the longer term.

This is in addition to the mounting healthcare and associated

Kennedy’s company responds to this unique problem

costs due to air pollution – including 29,000 deaths in the UK

by making energy saving ‘simple, affordable and rewarding.’

annually. Energy efficiency will become increasingly vital to

Whether in the case of the individual homeowner, or the

populations globally, where air pollution costs £225bn per year.

company employee, inspiring them to use less energy on a

As we struggle to achieve the necessary infrastructure of non-

day-to-day basis means offering them meaningful reasons and

renewable energy and meet the needs of an ever-increasing

incentivising them to change.

energy demand in expanding economies.

Making the economic case In the instance of the UK, this shift presents a specific challenge,

‘The benefits of energy efficiency are humongous. It’s not just about climate change. It’s about health, saving costs, and so much more.’

namely the need to make the economic case for energy

The tipping point

efficiency.

Establishing behavioural change in employees of companies

‘Businesses and people want a quicker return on investment when it comes to investing in energy efficiency,’ Adams argues.

‘But they need to be convinced that making longer-term decisions in this area are better for them financially.’

‘Just doubling solar energy, for instance,’ says Adams, ‘would save the US $4.23tn per year by 2030.’

Adams says that key to winning this argument is showing

also means motivating a core cohort of staff at the outset of any initiative.

‘There are about 5% of environmentally-minded people who will be early adopters,’ she says. In three years, it is possible to scale this up to 35 to 40% of employees. ‘At this point, the new behaviour will be established across the company. This is the tipping point.’

his clients the cost of not choosing the energy efficient solution.

Building partnerships across a range of stakeholders is

For example, one of his major clients, Maclaren, wavered over

also key to this success. In past ventures, ONS has brought

installing more energy efficient cooling systems in their buildings.

together more than 25 different corporate, governmental and

‘After we showed them what not doing it would cost them in the

third-sector partners, such as energy providers, certification

long-term, we had a purchase order the next day.’

companies, NGOs, contractors and local government.

Inspiring behavioural change

energy consumption. Kennedy declares that, in addition to fossil

While retrofit changes to the built environment, like better

fuels, nuclear, wind and solar, the newest form of energy we

cooling systems, are key to the solution, equally important

should we thinking about is ‘energy-saving.’ I

It’s all towards achieving a major pivot in how we think about

info

- september / october 2017 - 65

FINANCE FORUM

HR FORUM

The Impact of Brexit on Finance Liz Martins of HSBC and Philippe Guyonnet-Dupérat of the French Embassy explored the complex terrain for Brexit and its potential impact on a sector which accounts for seven percent of the UK economy

W

hile Brexit will

be the fact that both

clearly have an

sides are keen to

impact on the British

develop a strategy of

economy, analysing

attractiveness.

the potential fallout a deal is struck is

Is a soft Brexit on the table?

complex. As the latest

Martins explored the

finance forum heard,

notion of a soft Brexit

economic arguments

– a Norwegian or

do not necessarily

Swiss solution to the

prevail in Brexit

problem of access to

negotiations, or in the

the single market and

wider debate.

movement of people,

(or windfall) after

goods and services.

Philippe

Norway, for example,

Guyonnet-Dupérat,

has access to the

Financial Counsellor

single market, yet gives

at the French Embassy to the UK, and Liz Martins, Economist at HSBC, reported on

up the ability to restrict inward EU migration. This is the same

current trends and offered their analysis of what may be in

for Switzerland, though it only has partial access to markets

store for British finances.

for services and does not have to adhere to EU social and

According to Guyonnet-Dupérat, London is the leading global financial hub. Several factors are evidence of this: London’s stock market is first in the world for capitalisation/

employment rules (as Norway does). Clearly, many real-world models are available to Britian.

In terms of a hard Brexit, central financial concerns include

GDP. Its banks are leaders in foreign exchange (with 37

red tape and regulations, and quantity restrictions and tariffs

percent of all global transactions happening in the City).

imposed on UK goods and services. HSBC has posited that

In insurance, it is third in the world, and first in Europe,

tariffs of 10-15 percent could be instituted. Trading outside

overseeing one quarter of all EU premiums. It is also the leader

of the customs union could also mean that checks on goods

in European hedge fund assets – with 85 percent of the EU

are rigorous. With question marks around the Northern Irish

market.

border and the Channel tunnel, these are still unresolved

Domestically, financial services are a cornerstone of the UK economy. It accounts for 7 percent of GDP for core activities, and 12 percent when related activities are added. The financial

concerns. However, a clear benefit to Britain is the ability to negotiate third party deals.

Economically, Martins reported that HSBC expects the

sector represents 4 percent of the total employment in the

pound to fall further; parity with the Euro is not far off. Growth

country – and more than 20 percent of its staff comes from

in the UK economy slowed in the first quarter as inflation

abroad. The sector is also highly linked with the EU, where it

weighed on domestic consumer demand. As inward migration

enjoys a positive trading balance.

is one significant driver of growth, how these issues are

In terms of Brexit negotiations, the stakes are high for

resolved in negotiations will have immediate impact on the

both sides, but particularly for Britain as it currently relies on

British economy. For many of these issues, it is now a case of

access to EU markets and workers. Key to any progress will

wait and see. I

Hard Brexit: HSBC has posited that tariffs of 10-15 percent could be applied to UK goods and services

66 - info - september / october 2017

FORTHCOMING FORUMS & CLUBS By application only

28

DIGITAL TR ANSFORMATION & INNOVATION FORUM

18

WOMEN’S BUSINESS CLUB

Platforms: the number one wealth creators in the 21st century, or the emergence of 09.00 - 11.00 new business models Guest speakers: Alizée Vasseur, International Digital Marketing Strategist and CMO, Buzz&Go and Benoit Reillier, Managing Director, Launchworks & Co Co-chairs: Christophe Chazot, Group Head of Innovation, HSBC and Lucien Boyer, Chief Marketing Officer, Vivendi Sept.

Venue TBC Guest speaker: Dame Carolyn McCall OBE, Chief Executive, easyJet 12.30 - 14.00 Chair: Estelle Brachlianoff, Senior Executive Vice-President UK & Ireland, Veolia and President of the French Chamber of Great Britain Oct.

2

RETAIL FORUM

HR (Manpower, staffing, attract & retain talents, change resulting from automation) Guest speaker: TBC 8.30 - 10.30 Co-chairs: Alain Harfouche, General Manager, L’Occitane and Catherine Palmer, Legal & Administrative Director, Joseph Nov.

22

START-UP & SME CLUB

Nov.

‘The finances of clean energy: debt and equity financing markets, returns and 10.00 - 12.00 trends in Mergers & Acquisitions’ + Brainstorming session for 2018 Guest speaker: Jean-Philippe Verdier, Founding Partner, Verdier & Co. Corporate Advisory and second speaker to be confirmed Co-chairs: Richard Brown CBE, Former CEO and Chairman of Eurostar, Chairman Department for Transport Franchise Advisory Panel and Jean-Philippe Verdier, Founding Partner, Verdier & Co. Corporate Advisory

Nov.

8.30 - 10.00

FINANCE FORUM

The CFO, when and why do you need one?

Nov. Guest speakers: Patrick Fenton, Partner, Head of Cloud Transformation, KPMG and 8.30 - 10.30 Michaël Elalouf, CFO, iwoca Co-chairs: Co-chaired by John Peachey, Chief Financial Officer, Global Markets, HSBC Bank Plc and Rob Guyler, CFO, EDF Energy

16

21

CLIMATE CHANGE & SUSTAINABILIT Y FORUM

tbc

Brainstorming Session Co-chairs: Sébastien Goldenberg, CEO & Co-Founder, TheHouseShop.com and Jeanne Monchovet, Founder, Olystix

HR FORUM

'How to manage new generation (Millennials…)' + Brainstorming on 2018 agenda 8.30 - 10.00 Guest speakers: Olivier Nicolaÿ, Managing Director Chanel UK and President of the UK and Other Americas Region, Chanel and Julien Codorniou, Vice President, Workplace by Facebook Co-chairs: Pia Dekkers, Regional HR Divisional Director, Chanel We bid farewell to Jean-Baptiste Aloy, Executive Director, Employee Research, Ipsos MORI, who is moving back to France. As co-Chair since January 2017, we thank him for his dedication and contribution to making the Retail Forum a success.

All sessions, excluding the Luxury Club's, the Retail Forum's and the Women's Business Club's, take place at the French Chamber.

For more information, please contact Ophélie Martinel at omartinel@ccfgb.co.uk or 0207 092 6634

info

- september / october 2017 - 67

Empowering your business to grow across borders with our e-commerce & mail solutions Talk to one of our consultants & see how your business could benefit from working with Asendia.

Call 0330 123 9910 or email info.uk@asendia.com

PAST EVENT HIGHLIGHTS RENDEZ-VOUS CHEZ... LA BELLE ASSIETTE, 6 JULY

An evening to remember

T

he London-based provider of flexible workspaces, eOffice, welcomed French Chamber guests to their stylish Fitzrovia offices for an exclusive networking event. Attendees enjoyed food and wine provided by event partners La Belle Assiette and Le Petit Ballon. The canapés provided by La Belle Assiette showcased their chef-à-domicile approach, providing a private chef dining experience in your home or business, from casual meals to Michelin-style dining. The wine was provided by Le Petit Ballon, a sommelier-led wine supplier, which focuses on local producers and close relationships with their suppliers. I

SYLVIE BERMANN BOOK LAUNCH, 3 JULY

La Chine en Eaux Profondes

H

E MS Sylvie Bermann was invited

holding a number of roles related to Asia.

US, the UK and France, as well as the

to talk about her new book La

This connection with the People’s

country’s return to traditions. The book’s

Chine en eaux profondes [China in deep

Republic of China gives her a particularly

title is a response by Deng Xiaoping’s

water] at Pinsent Masons' offices in the

insight on the country, which she

saying ‘we must feel the rocks as we

heart of the City of London. The French

discussed during her talk. Bermann

cross the river,’ describing reforms he

Ambassador to the UK has a long history

reported that she finds the country

instigated in the 1980s which he felt

with China. As a student, she travelled

‘contradictory,’ pointing to its quixotic

could be led by market experimentation.

and worked in the country. Later on, she

‘market socialism’ which has sparked a

Bermann commented that there are

began her diplomatic career in Hong

spectacular forty-year development that

no visible rocks to ‘feel’ anymore and

Kong and Beijing, and was the French

is set to continue into the future. She

that China has to face its problems in

Ambassador to China from 2011 to 2014,

discussed China’s relationship with the

unknown and potentially deep waters. I

info

- september / october 2017 - 69

Sponsor:

BUSINESS STORIES: FROM SCRATCH TO SUCCESS, 20 JUNE

THE INNOVATORS

Wine partner:

Pascal Cagni, Founder of C4 Ventures and former VP of Apple, and Didier Rappaport, Founder of Dailymotion and dating app Happn, speak about business success and taking risks as entrepreneurs

T

he Ciné Lumière of the French Institute played host to an

team, focused on investment in three areas: smart hardware,

evening of dynamic leaders, who entertained the assembled

e-commerce and digital media,’ he said.

crowd with stories of their business successes in technology and digital sectors.

The event featured speeches by Pascal Cagni, Founder and CEO of C4 Ventures and Didier Rappaport, Founder of the

A storied career Cagni also reflected on his career, referring to himself as ‘a meritocrat of the French system.’

dating app Happn. Albin Serviant, Co-Founder of FrenchConnect

‘I wasn’t the head of my class; I was more the second rung.

London, was the moderator of the event, sponsored by HSBC

Essentially, I decided after my time at Sciences Po – this was the

Global Banking & Markets.

1980s – to become a lawyer.’

Attendees heard that before he launched C4 ventures, Cagni

‘I was naive and I listened to others about what I should do.

was a long-time friend of Steve Jobs and a former colleague at

Even worse, I wanted to become a banker. But just as I planned

Apple, where he served as Vice President EMEIA from 2000-

to join a bank, Black Monday happened, and I was out of a job.

2012. Now, he directs his time to investing in technology and

I was advised to go back into selling, and it is at this stage that

digital businesses.

I discovered IT.’

Cagni began his presentation with some of his highlights at

The turning point for Cagni came when he began selling

Apple: the launch of the iPod in 2001, the launch of the iPhone

computers, and things went really well.‘ But I didn’t like working

in 2007, establishing Apple stores in high streets and online,

in a big company, so I quit to pursue a dream of being an

and the launch of the iPad in 2010. He characterised this time

entrepreneur.'

as an ‘unprecedented period of innovation and discovery.' He

After another stint selling computers in his native France,

noted a similar period of innovation in other sectors over the

Cagni was recruited by Apple in 2000. ‘At the time, Apple was

past forty years, such as in medicine and heavy industry. His

seen as a loser,’ he says.

buzzword to reflect this rapid development is acceleration. 'We

But under Steve Jobs, who was now back at the helm of the

are living in a time of acceleration and we need to understand

company, Apple had a tremendous period of success. ‘I had the

what this means,’ he said.

pleasure to run this business in Europe, the Middle East, Africa

For Cagni this means focusing his time on projects close

and India. 126 countries. 51 million customers. We added a

to his experience at Apple. ‘When you are older than fifty, you

billion dollars per quarter. To my knowledge, no other company,

basically focus on the business you know well. For the last

even Google and Facebook have ever been close to that,’ he

four years, I have been focusing on ventures. I have a fantastic

says.

70 - info - september / october 2017

E VE NT S – AT THE CHAMBE R

[At Apple] we added a billion dollars per quarter.

To my knowledge, no other company, not even Google or Facebook have ever been close to that — PASCAL CAGNI

When you make a good product, and build a good team, your company will be successful and you will definitely earn money — DIDIER RAPPAPORT

Lessons Learned What are the important lessons that Cagni has learned in his

or an idea is not the most important part of the business. The

career? The digital age is a tough business environment in

most important part is achievement. You can give a project to

which to achieve long-term success. ‘When you look at the

ten different teams. Nine will fail, one will be successful.’

top 10 digital companies back in 1985, they have all been

Rappaport is also often asked what his ‘vision’ for a project

destroyed. They don’t exist anymore. They didn’t do anything

is. ‘What does this mean – to have a vision – when you start

wrong, but they lost.’

something? It doesn’t come from the clouds. The vision comes

Cagni stressed that entrepreneurs need to focus on the future, and be able to react to where current trends are

when you start to know where you are; when you start to understand the business you are doing,’ he says.

leading. And where might that be? ‘My proposal is very simple.

‘Today, when I start a company, my personal feeling is that

We are moving from an adoption phase – where the company

I hate to do things that I have done before. I need to start an

producing a product, like the iPhone, retains some sense of

innovative project. I also check immediately if the company can

ownership of the product – to a phase of adaptation.’ Cagni

be international. That has been the case with Dailymotion, and

points to companies who offer a more adaptive product, like

with Happn.’

Netflix, Airbnb, Tesla and Uber. ‘They took traditional industries

'We launched Happn in February 2014 in Paris. In May, we

– entertainment, travel, cars – and used the strength of their

were in London. In July we were in Berlin, and in September

platform to create a new adaptive market,’ says Cagni.

we were in New York. I need to feel that the company will be

Age of discovery

worldwide.’

He also stressed that money is not a key driver to his

The second speaker of the evening, Didier Rappaport,

success. 'I’m not interested in money. I want to have a successful

Founder of Dailymotion and Happn also experienced a moment

company, and I want to give a good return to my shareholders.

of enlightenment about the potential of digital technology.

I want to have a good business model. I want to be profitable.

‘In the 1990s, I discovered the digital world, and I was amazed. But I couldn’t explain why, because at that time what

But money doesn’t interest me. The only thing that interests me is the product that I am building.’

was available in terms of digital media was very simple. But I

For Rappaport the product is the base of the company.

had this strong feeling that the world would be interested in the

‘When you make a good product, and build a good team, your

digital screen,’ he says.

company will be successful and you will definitely earn money.

Rappaport, who founded the popular video website, is

Building a company is very complicated. Believe me it is very

currently involved in a new start-up, Happn, a dating app which

hard. You must be a workaholic. But if you have a product that

connects users through geo-location on their smart phones.

you love, it can work.’ I

How does he come up with his ideas? ‘I have strong instinct about these things. You never launch a new company because you know you will be successful. When an entrepreneur starts a

Congratulations to Pascal Cagni for his recent

new company, they do not know what the company will be in a

appointment as Chairman of Business France and

few years. You are unable to judge a concept, because a concept

ambassador of Foreign Investments in France

info

- september / october 2017 - 71

SUMMER CHAMPAGNE RECEPTION, 11 JULY

THE BEST OF BUBBLES The Hurlingham Club hosts the annual Summer Champagne Reception, highlight of the summer calendar

A

s the last hurrah of the season before the summer break,

Also popular were the Caviar Petrossian table, where

the annual Summer Champagne Reception has become

attendees sampled the Daurenki and Baika caviar. Paul UK

a not-to-be missed event on the annual calendar, sponsored

provided the sweets, including mouth-watering macaroons

this year by Banque Transatlantique. Peter Alfandary, Head of

and patisseries. The Dentist Gallery, brought photos from

French Team, Reed Smith LLP and Vice President of the French

their collection to display, including prints by the Chamber’s

Chamber, opened the event with a short speech. He introduced

own Managing Director, Florence Gomez. All came together to

the event partners and thanked them for their participation in

create a light-hearted and relaxed mood, with many revellers

making this one of the most enjoyable evenings of the summer

enjoying the event well into the evening. To round things off,

season.

attendees were treated to the sounds of saxophonist Matthew

Once again, the Hurlingham Club provided a stunning

Demetriou, who drew on his large repertoire and broad range

setting for the event, in their Georgian Townhouse and 42 acres

of musical styles in his performance, perfectly complimenting

of manicured grounds. While the champagne flowed, roughly

the sense of fun of the event.

200 guests mingled both inside and outside. Vranken Pommery

The Hurlingham Club is recognised throughout the world

Champagne, the Chamber’s champagne partner for the event,

as one of Britain’s best private members clubs. It retains its

took the opportunity to launch their new champagne, Pommery

quintessentially English traditions and heritage with first-

Brut Royal NV. Blended from equal amounts of Chardonnay,

class social and sporting facilities, and elegant and congenial

Pinot Noir, and Pinot Meunier, the Brut is fresh, light-hearted,

ambience. Vranken Pommery is one of France’s oldest

and fine with notes of citrus fruit and white flower combined

champagne makers. Their storied history includes helping to

with small red fruits.

popularise Brut champagne in the 19th century. I

Vranken Pommery, the Chamber’s champagne partner for the event, used the opportunity to launch their new champagne, Pommery Brut Royal NV

Above: Attendees enjoy the launch of Vranken Pommery Brut Royal NV at London's Hurlingham Club

Sponsor:

72 - info - september / october 2017

Partners:

E VE NT S – AT THE CHAMBE R

BUSINESS CLUB COCKTAIL – RÉGION HAUTS-DE-FRANCE, 27 JUNE

CELEBRATING THE HEIGHTS OF FRANCE The Northern french region launches their new London office at an event at the French Residence

T

he opulent surroundings of the French Residence, official home of the French Ambassador to the UK, provided the

venue for a Business Club cocktail event to celebrate the launch of the London office of the Région Hauts-de-France.

The northern French region, which includes Calais and Lille, was newly created in 2014 through a merger of Nord-Pas-deCalais and Picardie. Stakeholders including local government and industry associations are keen to attract business and investment from the UK. On hand at the event were HE Ms Sylvie Bermann, former French Ambassador to the UK, Xavier Bertrand, President of the Hauts-de-France Region, Philippe Hourdain, President of the Hauts-de-France Chamber of Commerce and Florence Gomez, Managing Director of the French Chamber of Great Britain.

‘We want a win-win strategy,’ said Bertrand. ‘It is not just for British businesses to invest in France. It is about French businesses developing partnerships and doing business in your country. The fact is that we do more business with the UK than we do with the South of France. We have more British visitors than Italian or Spanish tourists.’

Philippe Hourdain said that the foundation for working together comes from the fact that ‘we share the same values.’

France region is also opening a business centre for travelling

He announced that in addition to their new London office,

business people in Lille. The new fully-equipped office space will

which will help establish trade and business links, the Hauts-de

be located opposite the Lille Eurostar terminal.

He also noted that France and the UK need to take ‘concrete steps together’, in order to plan for, and manage, the outcome of Brexit negotiations. ‘Soft or hard Brexit, we will work together to deal with the situation because we share the same values,’ he said.

As one of the UK’s closest neighbours, located only 30 miles from the Dover coast, the Hauts-de-France region has close links with Britain. Easy access to the region via the Channel Tunnel and three maritime ports (Dunkirk for sea freight, Boulognesur-Mer for fishing and Calais for passenger transportation) offer an easy access for British investors and businesses.

The region boasts €1.5bn in purchasing power and 78 million people in a 300km radius – the third most popular region in France with 6 million inhabitants. And business is booming: the region is second in France in foreign investment, behind the Paris region. I

Above: Xavier Bertrand, President of the Hauts-de-France Region Left: The stunning backdrop at the French Residence

info

- september / october 2017 - 73

E VE NT S – AT THE CHAMBE R

BUSINESS CLUB COCKTAIL – COORPACADEMY, 5 JULY

THE FUTURE OF DIGITAL LEARNING An evening event at the Aviva Digital Garage explored innovations in education in the digital space

Above: Marc Tassetto and Jessica Dehler of Coorpacademy, Stephen Burgin of the French Chamber, and David Jestaz of Faurecia University

A

viva’s chic Digital Garage provided the backdrop for an

traditional e-learning can be and witnessing the Mooc (massive

evening of education and innovation, sponsored by

open online courses) revolution in 2012, they decided to design

Coorpacademy. The garage, a brand new digital environment in

the digital learning platform of their dreams.

the heart of London’s Tech City in Shoreditch, was the perfect

In 2016, the company raised a new round of $11m in

venue to hear about Coorpacademy’s innovative new work in

venture capital, as it sought to develop its online platform for

digital courses and corporate training.

corporate education. Investors in the new round include Serena

The event featured Coorpacademy co-founder Jean-

Capital, NextStageAM, and Debiopharm Investment funds.

Marc Tassetto and Jessica Dehler, Head of Research and

Coorpacademy hopes to use the new money to expand across

Development. Also on hand were David Jestaz, Vice-President

Europe and develop new content partnerships.

of Faurecia University, and the event chair, Stephen Burgin, Deputy-President of the French Chamber.

Tassetto, a former CEO of Google France and SFR Grand Public, described how he left behind world-leading corporations to pursue his entrepreneurial ambitions in a sector he has a real passion for: training to improve employability and business competitiveness.

His company, which launched in 2013, is based in Paris and Lausanne, at the Ecole Polytechnique Fédérale de Lausanne’s Swiss EdTech Collider. Attendees heard that the start-up is at the heart of research into new learning methods. It is an expert in adapting’ training content to new learning methodologies.

Its innovative teaching system is based on four key concepts: gamification, community, flexibility and flipped learning. It has a singular objective: engaging users. In 2013, the co-founders came together around a shared belief that transforming lifelong learning is a determining factor for any business looking to successfully change how it works. Having experienced how dull 74 - info - september / october 2017

‘The problem we had to tackle is that corporate e-learning is boring,” said Tassetto. ‘Our ambition is to bring back the pleasure of learning, and to encourage learners to develop their skills to their full potential.’ I

FORTHCOMING EVENTS

5

October 8.00 - 10.00

RENDEZ-VOUS CHEZ LADURÉE At Ladurée Covent Garden, 1 The Market, London WC2E 8RA £20+VAT per person Open to all members Sponsored by Ladurée Join us in the heart of the iconic Covent Garden Piazza to treat yourself to Ladurée’s new and irresistible sweet and savoury canapés range while networking with new business contacts from a wide range of industry sectors. A great opportunity to get inspirational ideas for your corporate gifts and discover their personalisation services and gift collection, ranging from bespoke hampers, macarons or chocolate luxury gift boxes.

For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.

5-6 October

TRADE DELEGATION TO DUBLIN £600+VAT per person Sponsored by Econocom In partnership with IDA Ireland By invitation only

Sponsored by

In partnership with

Welcomed by HE Mr Stéphane Crouzat, French Ambassador to the Republic of Ireland, this trade delegation will be a unique opportunity to meet key local decision makers and businesses, whether you already have a subsidiary in Ireland, are planning to expand your business there, or have recently responded to calls for tenders.

For more information, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6642.

1

November 9.00 - 20.00

LONDON LUXURY THINK TANK HAVAS LuxHub, The HKX Building, 3 Pancras Square, N1C 4AG Early bird until 30 September: £350+VAT per person - From 1 October: £450+VAT per person. Open to all members

L O N D O N L U X U RY T H I N K TA N K How are disruptors driving the Future of Luxury?

Co-organiser:

31 OCTOBER 1 NOVEMBER 2017 HAVAS LUXHUB

For sponsorship opportunities, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6642.

Main sponsor

Supporting sponsors

Host sponsor

Media partner

info

- september / october 2017 - 75

8

November 20.00 - 22.30

DÎNER DES CHEFS WITH 2 MICHELIN-STARRED CHEF CHRISTIAN SINICROPI At Regency London, 30 Portman Square, Marylebone, W1H 7BH £120+VAT. Open to all members Christian Sinicropi, Executive Chef of the 2-Michelinstar restaurant La Palme d’Or, is coming especially from Cannes to amaze us with his artistic cuisine, playing with flavours and cinematic references.

For more information, please contact Anne-Claire Lo Bianco at: alobianco@ccfgb.co.uk or on 0207 092 6643.

10

November 8.30 - 10.30

CURRENT AFFAIRS UPDATE At the French Institute, 17 Queensbery Pl, Kensington, SW7 2DT £25+VAT per person, £40+VAT, Special price for 2 Speakers: Alexandre Holroyd, Member of the French Parliament at Assemblée Nationale, second speaker to be confirmed shortly Moderator: Philippe Chalon, Director of External Affairs, International SOS Open to all members

Join us to hear from Alexander Holroyd, Member of the French Parliament, on the current French government’s reforms. The event will include a breakfast kindly provided by Aubaine.

For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.

23

November 12.00 - 14.30

ANNUAL FINANCIAL LUNCH At the Langham London, 1C Portland Pl, Marylebone, W1B 1JA £120+VAT per person, £1,140+VAT for a table of 10 Speaker: François Villeroy de Galhau, Governor of the Bank of France Sponsored by: Société Générale Open to all members The French Chamber of Great Britain and Societe Generale request the pleasure of your company on the occasion of our Annual Financial Lunch with guest speaker François Villeroy de Galhau, Governor of the Bank of France. François Villeroy de Galhau joined the French Treasury in 1988. He then served as European advisor to the Minister of Finance and Prime Minister from 1990 to 1993. From 1997 to 2000, he was chief of staff of the Minister of the Economy, Finance and Industry. In 2003, he became the Chief Executive Officer of Cetelem, then headed the retail banking activities of BNP Paribas in France.

For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.

30

November 19.00 - 22.30

THE FRANCO-BRITISH BUSINESS AWARDS 2017 At The May Fair Hotel, Stratton Street, London W1J 8LT £110+VAT per person, £1,000+VAT for a table of 10 Open to all members Champagne partner: Vranken Pommery Dress code: Black tie

Main sponsors

Supporting sponsor

Held under the high patronage of both the French Ambassador to the UK and the British Ambassador to France, the Franco-British Business Awards acknowledge the accomplishments of French and British companies of all sizes, from start-ups to SMEs and blue-chip companies on both sides of the Channel.

For more information, please contact Camille Gorin at: cgorin@ccfgb.co.uk or on 0207 092 6644.

76 - info - september / october 2017

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