Austerity

French President Unveils Austerity Plan

Includes a 75 percent tax on the rich

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French President Francois Hollande has given himself two years to turn round France's economy as he outlined a raft of austerity measures on Sunday.

In one of the country's toughest budgetary programmes in six decades, he included a controversial 75 per cent tax on the rich along with spending cuts and other taxes totalling 30 bn euros.