“French president François Hollande has bowed to massive pressure for business tax cuts to pull France’s economy out of slump and stave off industrial decline, ditching a core element of his socialist platform.  Company taxes will fall by €20bn a year equal to 1pc of GDP, to be phased in gradually by 2015 under a convoluted system of rebates.  Spending cuts will plug the revenue gap in order to meet the EU’s 3pc deficit target.  Critics call it the most humiliating U-turn in French politics since François Mitterrand abandoned his disastrous experiment of ‘Socialism in one country’ under a D-Mark currency peg in 1983.”

http://www.telegraph.co.uk/finance/economics/9659504/Francois-Hollande-lurches-Right-in-historic-U-Turn-to-save-French-economy.html

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