Today, the government of French president Francois Hollande would set out Eur3 billion equivalent to US$3.9 billion in expenditure cuts and close tax gaps. His move was in accordance with the struggle to recover a hindered economy and his own nose diving popularity.
The savings were a segment of Hollande's program. He intended to streamline government services. As stated by officials yesterday in the presentation for the media, the government would trim consular services. It would also remove the special low-tax rates on diesel fuel intended for farmers and fisherman.
Reducing the state expenditures was a priority for Hollande. He wanted to cut France's budget deficit so that it could aid in promoting growth in the second-largest economy in Europe. Hollande and Nicolas Sarkozy, his predecessor, boosted taxes by Eur70 billion over three years.
"I'll only increase taxes if it's unavoidable," Hollande stated last July 14 regarding next year's financial plan. "Ideally, increases will be as little as possible."
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