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2012-11-07 — telegraph.co.uk

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.

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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.

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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.

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