France’s rich: tax us more

Nicolas Sarkozy and Francois Fillon are delivering emergency economic measures today, in order to ward off the ravening credit rating agencies that are questioning France’s AAA rating. As a prelude to this act of political drama, a group of France’s super-rich sent a letter to the government urging it to tax them more. In the spirit of solidarity, they said, they were willing to make a “special contribution” to ensure that France’s budget deficit was brought under control.

Most popular

Steerpike

Morrisons turns on Rachel Reeves

This Gallic gesture might surprise some Anglo-Saxons and it’s rather touching. But it’s is pre-emptive in many ways. The rich are likely to be asked to lie back and think of France and the letter has the air of an affirmation of consent. Up until now, the French government has resisted the temptation to introduce large tax increases to reduce the deficit, but strong headwinds have forced it to change tack.