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Cameron promises red carpet for ‘over-taxed’ rich French citizens

Tuesday, June 19th 2012 - 06:35 UTC
Full article 16 comments
Hollande in campaign promised a 75% tax on any annual income beyond 1 million Euros Hollande in campaign promised a 75% tax on any annual income beyond 1 million Euros

British Prime Minister David Cameron cheekily declared that Britain would open its door wide to France's rich if they flee abroad from steep tax hikes proposed by the new French government.

During this year's political campaign, France's newly-elected president, Francois Hollande, proposed hitting France's wealthy with a 75% tax on any annual income beyond one million Euros.

Anticipating a mass exodus of French top earners, Cameron said refugees from the tax would be welcome across the English Channel.

“When France sets a 75% top income tax rate we will roll out the red carpet, and we will welcome more French businesses which will pay their taxes in Britain,” he said.

“That will pay for our public services and our schools,” he added, during an address to business leaders at the G20 summit in the Mexican resort of Los Cabos.

Cameron, faced with his own weak economy, has resisted hiking taxes to boost state income, while Hollande is pushing to boost government income to help cut the French deficit.

Categories: Economy, International.

Top Comments

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  • Idlehands

    No no no no no !!!!!!

    We don't want any any more French people in London thank you very much.

    Um err....unless they're rich in which case come on in and make yourself comfortable - especially if you're like the CEO of Signia Wealth

    Jun 19th, 2012 - 08:42 am 0
  • Beef

    Bloody socialists. Why should someone work hard and then be successful and then have to hand over the majority of the reward of their sucess to a state that is inherently inefficient and will simply create a system that rewards adequacy and not excellence.

    Simply tax.everyone at 20% of total over tax free allowance and then tax consumption. More wealth means more consumption which is more progressive than punishing the talented.

    Jun 19th, 2012 - 11:58 am 0
  • Condorito

    Well said Beef.
    I would go further and say tax everyone the same level of income tax,whether it is 20% or 30% or 40% and scrap VAT, and tax on ciggies, petrol etc - that really gets consumption going.

    This really is quite cheeky of DC, but good on him. A Scarlet Pimpernel for modern times.

    Jun 19th, 2012 - 03:30 pm 0
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