Humiliation for Macron as huge French bank tells customers to ‘move money to UK’
Customers of one of France’s biggest banks are being told to back Britain and move their money “out of the eurozone”, in the latest embarrassment for Emmanuel Macron.
BNP Paribas, a French multinational bank, is insisting that the British economy is performing better than expected, as the Euro continues to be at risk of collapse.
As a result, clients are being urged to invest into the UK stock market – arguing that a “cheap pound”, among other things, are making Britain a more promising place to invest than the failing eurozone.
Top analysts at the bank – which employs around 193,000 people worldwide – have switched their preferences from the eurozone to the UK, which is a welcome boost for the London stock market after a mass exodus of investors in recent years.
This will likely result in rich investors following experts’ advice and shifting their money into some of the largest UK-listed companies.
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Viktor Hjort, the head of credit research, told The Telgraph: “The outlook for UK equities is not bad at all. The FTSE is a value market. It has lots of energy and materials and a lot of banks. You can look at the oil price to see where energy is going.”
Writing for Express.co.uk last month, top banking expert Bob Lyddon explained how the collapsing Euro is riskier than ‘gambling on Bitcoin’ at the moment.
As the EU debt is now much worse than Britain’s as a percentage of GDP, there are serious questions over where the reserves to sustain the Euro will come from.
The economic woes, which were only worsened by lockdowns during the coronavirus pandemic, have meant the eurozone has already gone into recession, unlike Britain.
It comes as City of London corporation revealed its ‘post Brexit boom plan’ – which promises a huge £225billion boost to the UK economy if successful.
The unwelcome news for Emmanuel Macron comes as last night he was booed by thousands of rugby fans at the World Cup opening ceremony.
In recent months, he has come under fire for failing to control the migrant crisis, with small boat crossings continuing to rise despite neighbouring Belgium coming close to stopping them entirely.
And earlier this summer, desperate Macron was forced to take extreme measures after huge protest erupt after a 17-year-old French-Algerian national was shot dead by police during a traffic stop.
BNP Paribas’ head of research Viktor Hjort added: “We think this kind of environment is quite favourable to value investing in general as opposed to growth. The UK is a pretty good example of that.”
Economists at BNP Paribas say the UK economy has proven to be “far more resilient” than expected – even though Britain is widely tipped to fall into a mild recession in the first half of 2024.
But the eurozone is facing the devastating prospect of a double dip recession – which would spell disaster for the European Union.
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