France's new prime minister, Michel Barnier, will increase corporate tax on the biggest companies in the country and on wealthiest individuals, he said on France 2 television on Thursday, confirming earlier media reports.

France’s new Prime Minister Michel Barnier has proposed €60b ($66b) worth of spending cuts and tax hikes to help shrink the country’s deficit to 5% of economic output, down from the 6.1% it currently stands at.

Michel Barnier, France's new prime minister, has confirmed that taxes for bigger companies and richer citizens will be raised, in an attempt to plug the growing hole in the country's public finances.