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 [...]
Want to read this article now?
Already a MoneyWeek subscriber? Please log in below.
Not a subscriber? Sign-up now for a 3 week FREE trial to get instant access.