French Socialist party to fight for wealth tax as it seeks to capitalise on crisis

Party has promised to stand back as weakened prime minister prepares for crucial no-confidence vote

The French Socialist party says it will fight to introduce a flagship wealth tax to raise revenue by targeting France's richest people, as the divided parliament prepares to begin debating next year's budget.

Boris Vallaud, the head of the Socialist party grouping in parliament, said on Wednesday that taxing very high-wealth individuals in France was one of our principal battles and we're going to put all our energy into it".