France’s failed socialist experiment

French president François Hollande has a lot of explaining to do, and not just about his private life, says The Times. France’s overall tax burden of 46% is the highest in the eurozone; public spending as a proportion of GDP stands at 57% (the highest of any large economy in the world); a punitive labour code enforces rigid contracts, unsustainably high labour costs and a £66bn a year administrative burden on employers. No wonder unemployment is “stuck” at 11%.

Meanwhile, thanks to Hollande’s top tax rate of 75%, there’s been a bolt for the border by the “very people who [...]

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