French deficit grows to €72.6bn in May

Despite promises to get government spending under control, the French central government deficit has widened in May, growing from €66.8bn to €72.6bn.

Socialist President Francois Hollande has pinned much of his hopes on tax rises, rather than cutting government spending. More than 8,000 French households' tax bills have exceeded 100 per cent of their income in the year to May.