Sarko Needs Higher Platforms

Not content with getting us to subsidise their grossly inefficient farmers (thanks Ted Heath), the French now want us to subsidise their old age pensioners so that they can reduce their pension age to 60. The pension subsidy of course will come from the tax they want to impose on financial transactions which naturally hits us hard as 80% of the revenue raised in this way will come from the City. These are a couple of points from the manifesto of Francois Hollande, the socialist candidate for the French Presidency. I thought Sarkozy was bad enough but Francois Hollande, who also according to his manifesto, wants French farmers to be subsidised to an even greater degree, is even worse. This is simply madness and if anyone had any doubts about the need to leave the EU Hollande's proposals should persuade them that now is the moment to go. Archbishop Cranmer has another good reason for leaving the EU here. Hollande has stated that if elected President of France (at the moment he is way ahead in the opinion polls) he will want to re-negotiate the fiscal treaty that is due to be signed next Monday. He's not so keen on austerity and says the treaty should be more about growth and employment and changing the role of the ECB. He is going to have his work cut out trying to make Mrs Merkel change her mind and agree with him. It will be fascinating to watch the tussle from the side lines. If Hollande does win the election two things will happen (1) frog bashing will be back in fashion and (2) the euro will implode even more quickly than otherwise. This will not surprise the British of whom a majority, according to a poll, believe the euro will cease to exist, with one third thinking this will happen within a year and with two thirds thinking this will happen within five years. Having heard economist Gabriel Sterne of Exotix (specialists in illiquid bonds and loans) and formerly of the Bank of England and of the IMF on Jeff Randall Live last night my bet is that the euro will implode in a great mess this year.