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FRANCE is bracing itself for a summer of unrest after its top corporations announced record profits today amid a deepening cost-of-living crisis.
According to the French CAC 40 stock exchange the nation’s leading companies reported their best quarter in its history.
Profits rocketed 26 per cent from last year to a record €73 billion (£61bn) despite inflation running at the highest levels for decades and French households struggling with rising energy bills and food prices.
Today’s announcement came soon after the French parliament rejected a Bill which could have levied inflation-related taxes on corporate super-profits.
Pressure is mounting for action with tax evasion widespread in France.
National energy giant Total has already declared €18bn (£15.3m) in profits this year, but they have not paid one euro in French taxes in two years.
France has capped energy price rises at 4 per cent and the government has taken control of energy company EDF.
But President Emmanuel Macron’s administration is pressing ahead with his neoliberal economic agenda, leading to analysts predicting major unrest and a resurgence of the Yellow Vests protest movement.
