He said the end of the summer holidays often coincided with a drop in takings but that he was \u201ceasily 20 per cent down\u201d on a normal year.<\/p>\n
His observations have been echoed by economists, who say that annual growth may now not reach even the meagre 0.7 per cent forecast by the government.<\/p>\n
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<\/p>\n
David Zenouda said takings were down 20 per cent<\/p>\n
LAURA STEVENS FOR THE TIMES<\/p>\n
Unemployment, on the other hand, is at 7.5 per cent and rising. The cost of borrowing is going up too, and France is paying interest at rates higher than Greece and almost as high as Italy \u2014 both countries at which Paris has long looked down its nose. France has a debt equivalent to 114 per cent of its GDP and the eurozone\u2019s worst deficit, equivalent to 5.8 per cent of annual output last year.<\/p>\n
Bayrou says urgent action is needed, if not to balance the books then at least to make them less lop-sided. He wants tax rises and spending cuts to reduce the deficit by \u20ac43.8 billion next year. But few observers expect that a successor after his probable fall will have the political clout to impose such measures on a restless nation. Some doubt that there will be a budget at all, predicting an emergency finance law that would effectively prolong the status quo.<\/p>\n
Given the uncertainty Fitch, the ratings agency, may deliver another blow by downgrading France\u2019s creditworthiness on Friday.<\/p>\n
Zenouda is also worried that this week\u2019s protests will turn into a repeat of the 2018 gilets-jaunes (yellow vest) revolt, which was provoked by a fuel duty increase and grew into a mass uprising against Macron.<\/p>\n