France to unveil tax-heavy budget

France is set to unveil its 2013 budget, seen as a test of whether Socialist president Francois Hollande is serious about cutting government spending and reforming the country's economy.

Other countries in Europe are implementing harsh austerity, but France has largely held off on slashing its budget. Instead, it is expected to mostly to announce a raft of new taxes. The measures are designed to reduce the government's deficit by 30 billion euros (£24 billion), with only a third of that in spending cuts.
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