The brazen Brexit snatch from the British has begun as Prime Minister Edouard Philippe announced a full package including £10bn tax cuts to attract foreign investment.
The French Government also announced intentions to bring public deficit to under three per cent for the first time in a decade.
But France’s independent auditor revealed a funding shortfall of more than £7bn which would see the country fail to hit the EU target.
But the PM remains confident.
He said: “We have told parliament that we are aiming for a deficit of 2.7 percent of GDP next year. But I’m not going to be obsessed with a number: My political goal is to be under three per cent, thanks to restored confidence.”
Mr Philippe’s ideas for cutting tax burden include slashing housing tax and reducing corporation tax to 25 per cent by 2022.
Currently, companies could pay up to 50 per cent based on revenue.
Controversial wealth tax on assets worth more than £1m could also be replaced.
Mr Philippe said: “We commit to a resolute approach with determination and consistency in order to boost the financial attractiveness of the Paris financial centre.”
Paris is competing with Frankfurt, Dublin and Luxembourg – all of which have currently attracted more companies’ interest than France.
Speaking in English at a forum of businessmen and women the PM said: “This package is powerful, it addresses taxation, labour law, the business-friendly environment and also international schools.”
Britain is fighting back with Theresa May and her ministers offering to lower corporation tax by 19 percent to just 17 percent by 2020.