France to set up £8.7bn fund for research and innovation

PARIS: French president Emmanuel Macron has said France will set up a 10 billion euro (£8.7 billion) fund to finance innovation and research. Mr Macron said in a speech at the World Economic Forum in Davos, Switzerland, that he wants to make innovation the “centrepiece” of his economic policy.He said the fund will focus on disruptive innovation.

Mr Macron also promoted his tax cuts for businesses, and said France’s labour rules need to “be much more adapted to business environment” to make the country more competitive.The French leader also made a tongue-in-cheek reference to the presence of US president Donald Trump at Davos this year.Referring to the huge amount of snow at the resort town, he said it “could be hard to believe in global warming.