France's PM outlines recovery plan
France’s new prime minister has outlined the government’s economic recovery plan in a major new speech in parliament.
Jean-Marc Ayrault told MPs that the central government will be looking to hold spending at its current rate for at least two years to help reduce the deficit, which will be of interest to British professionals moving overseas.
The country’s national audit office reckons that if France is to meet its deficit requirements, it needs to save €43 billion (approximately £35 billion) by 2015.
“An unprecedented brake on public spending and increases in taxation are required,” explained Didier Migaud, head of the Court of Auditors. “If the government wants any room for manoeuvre, it needs to cut its number of staff.”
All the while, as Mr Ayrault noted in his keynote address, the government is committed to growth, with the new administration looking to add 150,000 state-aided jobs.
On top of that, to ensure that important revenue does reach the government, the wealthy elite in France will be taxed 75 per cent on earnings that amount to €1 million (£800,000).
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