Edouard Philippe vows to end public spending ‘addiction’ and launch €50bn infrastructure investment programme

The French prime minister has vowed to make a raft of public-spending cuts to stem France’s “intolerable” reliance on state borrowing, which he said had left the country dancing on a debt “volcano”.

In his opening speech to parliament on Tuesday, Edouard Philippe side-stepped the notion of one-size-fits-all austerity, instead insisting that the plan of the new centrist president, Emmanuel Macron, was to reduce public spending while launching a €50bn (£44bn) investment programme and cutting a range of taxes, including slashing corporate taxes to boost businesses.

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