'€2bn tax cuts' planned for 2016

FRANCE'S least well-off households are set to benefit from €2billion of tax cuts next year.

It is reported that François Hollande will discuss the move with ministers at the Elysée palace today and wants to make a public announcement next week.

In an interview for France Info this morning, finance minister Michel Sapin appeared to confirm the report in Les Echos.

Sapin said there would be "tax cuts in the 2016 finance law" - and went on to mention the €2billion figure.

He said the state, local authorities and the French social security could make the necessary cost cuts to fund the initiative, which he said would target people from "the most modest" backgrounds.

And he added: "If we cut taxes on the one hand, it won't be to increase them elsewhere."