France to spend €2bn on jobs

France will reallocate €2bn (£1.6bn) from its 2013 budget to state-aided job creation as part of efforts to stem unemployment, French budget minister Jerome Cahuzac said yesterday. With joblessness at a 13-year high of 10.3 per cent, President Francois Hollande has promised to turn things around this year and hopes that plans to create thousands of subsidised jobs and incentives for companies to hire young workers kick in quickly.