French Prime Minister Michel Barnier, in his recent policy statement to lawmakers, emphasized the urgent need for France to address its significant budget deficit and high national debt. Barnier proposed a mix of tax increases and spending cuts to tackle the debt, which currently exceeds €3.2 trillion, equivalent to over 110% of France’s GDP.
Despite facing challenges with a minority government, Barnier outlined a roadmap to reduce the deficit and achieve fiscal discipline by 2029. He highlighted the importance of reducing spending and ensuring tax justice to redistribute the financial burden equitably.
Public spending cuts and ‘tax justice’
Barnier emphasized the need to trim public spending, currently at 57% of GDP, while safeguarding essential services for vulnerable populations. He also proposed targeted contributions from profitable corporations and wealthy individuals to support economic recovery without compromising competitiveness.
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