France sees toughest cuts to spending since 1945
Monday 07 November 2011
President Nicolas Sarkozy will be forced to swallow his own medicine today, imposing new austerity measures a week after insisting on harsh discipline for Greece and Italy.
A French cabinet meeting is expected to announce increased taxes and new spending cuts amounting to €6bn (£5.1bn) to €8bn (£6.8bn) in an attempt to keep the 2012 state budget within annual deficit limits already promised to Brussels and financial markets.
At the weekend, Prime Minister, François Fillon, said the squeeze on public finances next year would be "amongst the most rigorous since 1945". The fall in projected growth next year to 1 per cent has obliged Mr Sarkozy to impose the measures in an attempt to persuade rating agencies that public spending is under control. The Moody's agency announced last month that it would review France's "stable" outlook for its triple-A debt rating over the next three months. The austerity package is expected to include a new VAT band of 7 per cent on some activities now in the lowest tax band of 5.5 per cent.
Swedish stars ask fans for £195 pledges on crowd-funding website
Nelson Mandela memorial sign language interpreter was a 'fake'
The ten coldest places on Earth
Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
Krokodil in Mexico? Teenager hospitalised after 'injecting drug into her genitals'
Nelson Mandela memorial: Cheers, jeers and a masterclass from Barack Obama that stole the show
- 1 Nelson Mandela memorial sign language interpreter was a 'fake'
- 2 It’s shameful that our universities have accepted gender segregation under pressure from the most oppressive religious fanatics
- 3 Kenyan politician Mike Sonko left red-faced after photoshopping himself next to Nelson Mandela
- 4 Exeter to Edinburgh and back in a day: How one fresher's lost bet left him facing a 900-mile round trip
- 5 Selfie at funeral: Cameron squeezes in on Obama snap at Mandela memorial
- < Previous
- Next >
£25000 per annum: Harrington Starr: IT Infrastructure Engineer (Desktop, Linux...
£25000 - £35000 per annum + benefits+bonus+package: Harrington Starr: PHP Deve...
£35000 per annum: Harrington Starr: NOC Engineer (Desktop Support, Exchange Se...
£320 - £350 per day + extension beyond: PCR Recruitment Limited: Systems Engin...