Britain invented Revolut. But thanks to Labour’s high taxes, suffocating bureaucracy, and slow regulators — not to mention a Labour government making it harder than ever to do business — Paris will now reap the rewards.
In yet another humiliating blow to Britain’s economic standing under Labour’s so-called “reset” with Europe, London-based fintech giant Revolut has announced plans to set up its new Western European headquarters not in the UK, but in Paris.
The £36 billion tech titan, founded in the heart of the City of London, is turning its back on Britain, instead showering over €1 billion (£840 million) on France, creating 200 jobs, and applying for a French banking licence.
The move coincides neatly with President Emmanuel Macron’s “Choose France” summit, a glittering charm offensive held at Versailles, no less, aimed at seducing the world’s top CEOs.
So while Macron hosts moguls in a palace, Labour’s Keir Starmer is left empty-handed, having failed to convince even one of Britain’s biggest homegrown tech stars to invest on home soil.
“Extreme bureaucracy” and “high taxes” – that’s how Revolut’s Russian-born chief executive, Nikolay Storonsky, described the sorry state of Britain’s business environment under Labour. The entrepreneur didn’t mince his words either: “I would never choose to list my company in the UK.” That’s a damning indictment – not from a rival politician, but from the very top of one of Europe’s most valuable tech firms.
For all Starmer’s photo ops and summit fanfare last year, Revolut’s decision is a stark reminder that Labour’s red tape and uncompetitive tax regime are driving away the very investment the country so desperately needs. Storonsky has publicly lambasted the UK’s sluggish regulators and sky-high taxes, with Labour now seemingly unable, or unwilling, to do anything about it.
Even France’s economy minister Éric Lombard couldn’t resist twisting the knife: “Revolut’s decision to establish its Western European headquarters in Paris is excellent news… one of the largest foreign investments in the financial sector in France in the past 10 years.”
Starmer, for his part, may still be crowing about his “reset” with Brussels. But when the UK’s top tech stars are fleeing to the Continent in search of less bureaucracy and more growth, it’s clear that words mean little without action.
Britain invented Revolut. But thanks to Labour’s high taxes, suffocating bureaucracy, and slow regulators — not to mention a Labour government making it harder than ever to do business — Paris will now reap the rewards.
Revolut was valued at $48bn (£36bn) earlier this year with more than 55 million customers worldwide, making it Europe’s largest fintech.
So much for Labour’s plan to make Britain a beacon for business.
