It would encourage digitally savvy entrepreneurs. It would be a hub for artificial intelligence. And it would encourage a wave of new companies, replacing the ageing giants of French industry. When Emmanuel Macron became president, turning the country into ‘le start-up’ nation was central to his mission to modernise the economy. In fairness, he had some success. And yet with one of the world’s most punishing wealth taxes passed by the National Assembly last week it is about to be killed stone-dead.
It was always slightly implausible for a country best known for its long lunches, short working week, endless holidays, and generous early retirement ages, but Macron was determined to create a start-up culture in France. Co-working spaces were built, the government offered plenty of finance, and there were even tax breaks on offer. There were a handful of genuine success stories, such as the AI firm Mistral, valued at $6 billion, and the health platform DoctoLib, valued at $6.4
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