Tuesday 21 November 2017

IMF warns over France savings drive

French President Francois Hollande
French President Francois Hollande

The French government runs the risk of failing to carry out a budget savings drive as planned, so threatening its public sector deficit targets, the International Monetary Fund said.

President Francois Hollande's government aims to find €50bn in savings over the next three years, vital to bring the deficit in line with an EU-agreed target of 3pc of GDP next year. However, having hiked taxes since coming to power in 2012, Mr Hollande, pictured, has pledged to phase out €30bn in payroll tax on companies to make them more competitive.

He has also offered tax relief for low-income households.

Irish Independent

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