France’s socialist prime minister resigned along with his entire government yesterday following a meltdown in local elections.
And last night socialist President Francois Hollande – whose rule has become synonymous with a 75 per cent top rate of income tax – admitted to mistakes and said his priority was now to cut taxes.

The government’s resignation is a huge blow to the president, who was elected to a five-year term in 2012 but whose first two years in power have seen him become the most unpopular head of state in recent history.

In a TV address to the nation last night President Hollande spoke of a ‘moral crisis’, adding: ‘It’s legitimate after what happened to change things.’

He said boosting the economy was now the priority and added: ‘It is essential for our country to produce more, to produce better, to produce French.’

He also pledged to lower taxes and said France would have to persuade EU partners to take into account its efforts to boost the economy when examining its commitments to Brussels.

Mr Hollande also confirmed a plan to cut 50billion euros in government spending.

Mr Hollande replaced Mr Ayrault with Manuel Valls, the tough-talking interior minister – the French version of home secretary – who is fiercely anti-immigration.

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Tags: elections rout, Hollande, socialist policies