Labour is making Britain’s employment law “worse than France” with new workers’ rights that put bankers and lawyers in line for unlimited payouts if they win unfair dismissal claims.

In a series of private meetings last month, business leaders warned the Government that multinational companies will shun Britain if new laws championed by Angela Rayner, the former deputy prime minister, come into force.

Angry City bosses told officials at the Department for Business and Trade that scrapping a compensation cap on successful claims will make Britain less competitive than European countries such as France, Spain and Italy.

At one meeting between government officials arranged by lobby group TheCityUK, several attendees highlighted that the UK was moving in the “180-degree opposite direction to what our competitors have done” on the Continent.

The meeting – which was attended by legal and human resources executives at a number of Magic Circle law firms and City giants – stressed that it would leave Britain in a less competitive position than countries such as France, which is known for its onerous labour code.

“We will end up with worse labour laws than France,” said one person at the meeting. “And that’s really saying something.”

Unlimited payouts in France posed such a risk that Emmanuel Macron, the French president, intervened in 2017. The so-called “Macron scale” capped damages based on an employee’s length of service, following years of warnings from companies that costly...

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