This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/john-lewis-boss-says-france-is-finished-as-he-advises-investors-to-take-their-money-out-of-the-country-9771993.html
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| John Lewis boss says France is 'finished' as he advises investors to take their money out of the country | John Lewis boss says France is 'finished' as he advises investors to take their money out of the country |
| (about 2 hours later) | |
| The boss of John Lewis has described France as "finished" as he advised investors to take their money out of a country "where nothing works". | |
| Managing director Andy Street said the country was "in decline" as he spoke to entrepreneurs at an event in London. | Managing director Andy Street said the country was "in decline" as he spoke to entrepreneurs at an event in London. |
| The department store has described the comments, reported in The Times, as "heavily tongue in cheek" and said "they were never meant to be taken seriously". | The department store has described the comments, reported in The Times, as "heavily tongue in cheek" and said "they were never meant to be taken seriously". |
| Mr Street had earlier this week been in Paris to pick up an international retail award for the high street retailer. | Mr Street had earlier this week been in Paris to pick up an international retail award for the high street retailer. |
| Speaking at an event in London to mark the end of a John Lewis competition for start-up companies, Mr Street said: "I have never been to a country more ill at ease... nothing works and worse, nobody cares about it." | |
| Mr Street described the country as being "in decline" and said: "If you've got investments in French business, get them out quickly." | Mr Street described the country as being "in decline" and said: "If you've got investments in French business, get them out quickly." |
| A spokesman for the department store, which is planning to launch a French-language version of its website, told The Independent: "These were heavily tongue in cheek comments that were never meant to be taken seriously." | A spokesman for the department store, which is planning to launch a French-language version of its website, told The Independent: "These were heavily tongue in cheek comments that were never meant to be taken seriously." |
| A spokesman for the French embassy told The Independent that Mr Street's comments "do not reflect the attractiveness of France for foreign investment." | A spokesman for the French embassy told The Independent that Mr Street's comments "do not reflect the attractiveness of France for foreign investment." |
| The spokesman said: "France has the fifth largest stock of Foreign Direct Investment in the world, for a total of 1,100 billion euros (approximately $1,500 billion) so obviously many foreign businesses do not seem to share Mr Street's view. | The spokesman said: "France has the fifth largest stock of Foreign Direct Investment in the world, for a total of 1,100 billion euros (approximately $1,500 billion) so obviously many foreign businesses do not seem to share Mr Street's view. |
| "Also, saying that 'nothing works in France' shows how wide of the mark those comments are. | "Also, saying that 'nothing works in France' shows how wide of the mark those comments are. |
| "Everyone who has lived in France knows that it enjoys world-class public services. Public transport for example is excellent, and at a price that Mr Street is unlikely to find in many countries. | "Everyone who has lived in France knows that it enjoys world-class public services. Public transport for example is excellent, and at a price that Mr Street is unlikely to find in many countries. |
| "People working in France enjoy one of the best healthcare systems in the world. And ultimately, workers' average productivity is higher in France than in many other developed countries." | "People working in France enjoy one of the best healthcare systems in the world. And ultimately, workers' average productivity is higher in France than in many other developed countries." |
| The spokesman said Prime Minister Maunel Valls will be delivering a speech at the Guildhall on Monday. | The spokesman said Prime Minister Maunel Valls will be delivering a speech at the Guildhall on Monday. |
| He said: "If Mr Street takes the time to listen to it, he will find out that far from being sclerotic, France is engaged in wide-ranging structural reforms, with 50bn euros savings over the next three years (including 21 next year) which will mostly be used to reduce taxes on business. | He said: "If Mr Street takes the time to listen to it, he will find out that far from being sclerotic, France is engaged in wide-ranging structural reforms, with 50bn euros savings over the next three years (including 21 next year) which will mostly be used to reduce taxes on business. |
| "France is also engaged in a historic simplification of its local authorities. So Mr Street can rest assured that the French government really cares about business. | |
| "France is the fifth biggest economy in the world, the second in Europe. It would be senseless for any major international business to overlook such a market." | "France is the fifth biggest economy in the world, the second in Europe. It would be senseless for any major international business to overlook such a market." |