A Socialist victory in France’s parliamentary elections means the country will now try to tax and spend its way out of trouble, putting it on collision course with Germany. But as France prepared to ramp the top rate of tax up to 75 per cent to pay for increased public spending, David Cameron made an extraordinary promise to welcome wealthy firms and individuals who want to move to the UK. He said: ‘I think it’s wrong to have a completely uncompetitive top rate of tax. If the French go ahead with a 75 per cent top rate of tax we will roll out the red carpet and welcome more French businesses to Britain and they can pay tax in Britain and pay for our health service and schools and everything else.’