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France’s rich are running scared

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France s rich are running scared
JEAN-LUC MELENCHON: NFP leader has pledged to tax the wealthy
Photo credit: FB/Jean-Luc Melenchon


To relief tinged with wariness, the New Popular Front (NFP) came out on top in the second round of France’s elections on July 7.


The NFP’s victory kept Marine Le Pen’s hard-right National Rally (RN) out of power, and seats in the National Assembly are split more or less evenly between left, right and centre although the NFP will call the shots.


The hard-left alliance romped home on promises of boosting the minimum wage and public sector pay while reducing the pensionable age from 64 to 60 and freezing the prices of staple goods.


These measures will cost approximately €150 billion over three years, according to the calculations of the NFP and its leader Jean-Luc Melenchon, but president Emmanuel Macron’s party Renaissance predicted that they would require at least €300 million.


France has a current Budget deficit of 5.5 per cent of the country’s gross domestic product (GDP) and government ministers already warned against spending on this scale during the election campaign.


Immediately after the NFP victory, the international financial media agreed that this would push the country’s financial elite to look elsewhere, probably to Switzerland but also to Italy and even Spain.


Speaking to the Financial Times, Parisian wealth adviser Gregory Soudjoukdjian, said that he was receiving more calls than at any other time during his career.


“Our high-end clientele are asking themselves a lot of questions,” he admitted.


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Originally from the UK, Linda is based in Valenca and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
Then get in touch at editorial@euroweeklynews.com.


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