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Francois Hollande forced into humiliating U-Turn: corporate taxes to fall, spending cuts


Eric Cartman

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Francois Hollande lurches Right in historic U-Turn to save French economy - Telegraph

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.
Premier Jean-Marc Ayrault said it amounted to a 6pc cut in unit labour costs, enough to close the gap with eurozone rivals. "France is not condemned to a spiral of decline, but we need a national jolt to regain control of our destiny," he said.
The mid-rate of VAT for restaurants and services will jump from 7pc to 10pc. The top rate will rise slightly to 20pc. 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.
Mr Hollande came to office vowing lower VAT rates to protect the buying power of workers, and called business tax cuts a "gift to the rich". He imposed €10bn of fresh taxes on firms just weeks ago in his 2013 budget, a move that set off a revolt by business leaders.
How embarrassing. We call ours, Éamonn Gillmore. Or Pat Rabbitte. :shock2:

How will the broader left in Europe react to this news? Surely if Europe's most socialist economy (56% GDP) begins to cut back, spending cuts and tax cuts, surely the rest of the European left has to reconsider its options? This is seismic.
 

borntorum

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History repeats itself. Francois Mitterand came to power in 1981 promising the most socialist policies outside of the Communist bloc. The economy promptly collapsed, and a year later he was forced to veer to the right and revert back to traditional, capitalist, social democracy. The French, for all their leftist posturing, were happy with his u turn and he continued to lead the Republic until 1994.
 

Tea Party Patriot

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Eric Cartman

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Zoo? Are you serious? This is hugely significant, Hollande's radical rhetoric completely exposed as empty? Faced with a massive exodus of wealth-creators over high taxes, he backs off? Zoo?

Oh I forgot: you are a Left-****. You must similarly feel humiliated.
 

Hitch 22

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He was either lying or delusional when he made his electoral promises.
 

SPN

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There is no Money Fairy - even if you are a hard core, dyed in the wool believer, as all French Socialists are.
 

Politics matters

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Zoo? Are you serious? This is hugely significant, Hollande's radical rhetoric completely exposed as empty? Faced with a massive exodus of wealth-creators over high taxes, he backs off? Zoo?

Oh I forgot: you are a Left-****. You must similarly feel humiliated.
You are using this debate to attack the left. You don't give a crap about what is happening in France.
 

greenwithirony

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Was this not already discussed on a number of threads back in November when the article linked to in the OP was originally published?
 

Clanrickard

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Analyzer

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Francois Hollande lurches Right in historic U-Turn to save French economy - Telegraph

How embarrassing. We call ours, Éamonn Gillmore. Or Pat Rabbitte. :shock2:

How will the broader left in Europe react to this news? Surely if Europe's most socialist economy (56% GDP) begins to cut back, spending cuts and tax cuts, surely the rest of the European left has to reconsider its options? This is seismic.
Big difference between the French left and the Irish left.

The French left currently in power, try increasing tax on the rich, to provide for the poor. They tried to keep their promises.

The Irish left currently in power, tax increase taxes on ordinary people, to provide for the rich gamblers holding Seanie bond, montrose millionaires, their chums on state quangos.

The French left, might, have some claim to credibility, with respect to what they promise. They can claim some integrity.

The Irish left are busy fibbing.....
Looper's Way of Frankfurt's way....
public posture....
that is what you say to the voters to get elected. The Irish left are busy doing PR stunts in anticipation of the people being gullible enough to fall for it.
 
Last edited:

Sync

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Was this not already discussed on a number of threads back in November when the article linked to in the OP was originally published?
If you find one it'll definitely be merged.

The answer to the question of why the U-Turn: Hollande's people admitted that they didn't do the math to back up their promises during the election. His popularity has nose dived as a result, not so much because of the reversal, but because to the incompetence that led to the U-turn.
 

Mad as Fish

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If you find one it'll definitely be merged.

The answer to the question of why the U-Turn: Hollande's people admitted that they didn't do the math to back up their promises during the election. His popularity has nose dived as a result, not so much because of the reversal, but because to the incompetence that led to the U-turn.
Well that is at least something that the French and Irish Left have in common.
 

optics

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Well thats politicians and elections for ya! Promise the sun, moon and stars to people and then change policy the minute they get into power. Left-wing ideology is great in theory but in practice--not so much.
 

Clanrickard

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They tried to keep their promises.

The French left, might, have some claim to credibility, with respect to what they promise.
.
That is their problem right there. They promise things they can never deliver and their polices exude an air of unreality.
 

Mad as Fish

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That is their problem right there. They promise things they can never deliver and their polices exude an air of unreality.
So you've never read the BS dished out by this government when it comes to recovery?
 

Clanrickard

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So you've never read the BS dished out by this government when it comes to recovery?
Yes I have read it. They made promises they could never keep but at least they are not trying to keep them. The French left make them and try and keep them.
 
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