MoDem's Bayrou wants zero public spending to reduce debt by 100 billion in 2015
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Self-styled centrist candidate François Bayrou, currently running fourth in opinion polls with 11-15 per cent of potential votes, plans to redress France’s balance of payments by making 50 billion euros worth of spending cuts and pulling in revenue of 50 billion euros.
He says this will reduce French debt by 100 billion euros by 2015.
The balanced budget will be brought about by several measures including the reduction of public spending to zero and increasing VAT by one per cent in 2012 and a further one per cent in 2014 if necessary.
Other proposed measures include:
- Writing the Golden Rule on balancing a country’s budget into the Constitution
- Creating an independent label which will identify how much of a product was made in France.
- Promoting products labeled ‘Made in France’.
- Identifying industrial sectors which need to be developed such as renewable energy and biotechnology.
- Encouraging Europeans to put their savings into long-term investments.
- Organising a summit to promote an alliance between Europe and developing countries to overcome the current economic crisis.
The first round of the French presidential election takes place 22 April on with a run-off vote on 6 May.