France hikes taxes and cuts spending

France unveiled tax increases and spending cuts amounting to €7 billion euros for next year to defend its triple-A rating as growth slows and Europe’s debt crisis deepens.

The country will increase some levies on large companies, push up the lower end of its range of value-added taxes and curb welfare spending, Prime Minister Francois Fillon said.

“French people must roll up their sleeves,” Fillon said at a press conference in Paris. “We ...