Emanuel Macron’s prime minister warned that France could become like Britain if MPs tax the rich to solve its debt crisis, reports The Telegraph.
François Bayrou said economic meltdown and high taxes could force billionaires to flee as they have done in Britain.
His plea came in a last-gasp bid to save his premiership as he pleaded with the French parliament not to vote him out of office.
Taxing the wealthy to shore up the economy will simply see them “move away”, he warned.
“They have a plethora of countries where they can find tax refuge in Europe itself, such as Luxembourg, Belgium, and the Netherlands for businesses.”
He then cited Britain’s tax decisions as a cautionary tale: “Our British neighbours decided to tax foreigners who were exempt from taxation. Those foreigners moved away, and the immediate consequence was an explosion in property prices in Milan.”
In a 45-minute speech to parliament ahead of a vote of confidence that will almost certainly topple his government, Mr Bayrou also said that France was in a “life-threatening condition” that risked “enslaving our youth” due to its debt mountain.