Hollande sticks his neck out in a bid to revive France's ailing economy

French president François Hollande has laid out his bold plans to revitalise the economy.

France's president, Franois Hollande, launched a bid to revitalise his country's ailing economy this week. His responsibility pact' is supposed to encourage businesses to create jobs in return for a reduction in notoriously high labour costs. He promised businesses €30bn in payroll tax cuts by 2017.

Companies will no longer have to pay charges to fund family welfare programmes, which would reduce the average total wage bill by just over 5%. This comes on top of a previous €20bn tax break for firms.

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