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29 October 2012

FT: Hollande vows action on competitiveness


François Hollande promised a comprehensive package of measures to tackle France's flagging competitiveness as he responded to mounting pressure from industry for urgent action, especially to cut high labour costs.

Mr Hollande signaled that the emphasis would be on a range of what the government calls “non-cost” measures, citing education, housing, public services, innovation, research and investment as key issues, as well as labour costs.

Having included €20 billion in new taxes in its 2013 budget, the government fears the “shock” action demanded by business, which wants social charges on jobs shifted rapidly on to direct taxes and spending cuts, would throw the stalled economy into reverse.

Full article (FT subscription required)



© Financial Times


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