After socialist candidate Francois Hollande won the French Presidential elections, markets fell across the world.

Hollande is France’s first socialist President in 17 years. He won on the promise of a move away from austerity, more government spending, and high taxes on the rich.

Businesses in France are concerned, with many wealthy French planning to move to London.

Hollande’s victory could also bring about division at the heart of Europe, as German Chancellor Angela Merkel has repeated calls that austerity must be stuck to. However, the southern European nations of Italy, Spain and Greece hope that Hollande will side with them in a move away from austerity.