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Scoop.it!
President Macron's "great debate" shows that tax cuts are necessary, the prime minister says. 
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Solidarity tax on wealth may be reimposed amid widening gilets jaunes movement
Graham Watson's insight:
It must be time for a new revolution in France - and are the gilets jaunes the 'gilded youth' of their day?
I doubt the latter, but it's caused lots of head-scratching, and the suggestion that the government are considering reintroducing the wealth tax that President Macron jettisoned in his election manifesto shows how desperate things are.
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Finance Minister Bruno Le Maire says measures to defuse protests will be paid for by spending cuts.
Graham Watson's insight:
The ongoing 'gilets janues' protests in France are going to cost the government around 11 billion euros - requiring the French government to cut spending in other areas.
One of the problems is that the French have to meet the terms of Growth and Stability Pact, limiting the deficit-to-GDP ratio, as well as reassuring international investors.
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A planned rise sparked the gilets jaunes protest – here’s how their fuel costs compare with the rest of Europe
Graham Watson's insight:
Are the French hit particularly severely by fuel taxes? This Guardian piece looks at comparative data and concludes that the French aren't the worst hit, but that rising oil prices have hit the French much as they've hit most other European economies.
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It seems that the French government is on the point of endorsing lower taxes, as a result of the 'great debate'.
However, this might prove problematic: France has a very high level of taxation - the highest in the OECD, at 46.2% of GDP - but a similarly high level of public spending. It will be interesting to see how President Macron balances the two, or indeed if he is going to be able to.