French President Jacques Chirac announced on Monday that when the French elections begin on April 21 he will run for a second term, after five years of sharing power with Prime Minister Lionel Jospin.
However, he said that substantial tax cuts are unlikely to be viable in the near future, blaming the left-wing coalition government's economic policy. In an interview on French television earlier this week, M. Chirac said that the Socialist government had squandered economic growth, leaving little 'wriggle-room' for tax cuts:
'We have frittered away the potential. We have not benefited from the growth,' he lamented on TF1 Television.
The French President revealed that he has not completely dismissed the idea of tax cuts, suggesting that some reductions could be achieved by cutting government expenditure. However, this latest announcement appears to dash hopes that the Rally for the Republic (RPR) Party, of which he is the head, will campaign for a platform of substantial tax cuts later this year.
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