UK Loses £840 Million Revolut Investment to France Over ‘Extreme Bureaucracy’ – Guido Fawkes

UK Loses £840 Million Revolut Investment to France Over ‘Extreme Bureaucracy’

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Co-conspirators will remember Rachel from accounts’ grandstanding at Mansion House last November, pledging to cutting red tape across the UK’s financial services. Out came the glossy press releases: Reeves “calling in the regulators” to slash the cost of regulation and woo global investment. Predictably, that’s not going too well…

Revolut – the London-based fintech giant valued at a cool £36 billion and Europe’s largest – has just given the UK the cold shoulder, setting up their new Western Europe HQ in Paris instead of the UK. The move will bring £840 million in investment and around 200 new jobs to France. CEO Nikolay Storonsky has slammed Britain’s “extreme bureaucracy” after waiting three and a half years for a banking licence from the Bank of England. Meanwhile, his chief banking officer Sid Jajodia is busy gushing over France’s “dynamic banking ecosystem”. Storonsky added that he’d never list Revolut in the UK. So much for the UK being “open for business”…