Prime Minister Michel Barnier plans to implement a €60 billion financial effort to restore France’s public finances, with two-thirds as savings measures and the rest in tax hikes starting in 2025. The plan aims to reduce the public deficit to 5% of GDP by 2025 from the predicted 6.1% in 2024. Despite criticism, Barnier emphasizes his determination to address the fiscal challenges, including €40 billion in cuts and €20 billion in tax hikes, targeting large groups and wealthy individuals. The government asserts that these measures are necessary to stabilize the economy without overly burdening the middle class.
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Subscribers only French PM Barnier presents ‘roadmap’ for political continuity amid break with Macron’s approach
Subscribers only French PM Barnier presents ‘roadmap’ for political continuity amid break with Macron’s approach
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Subscribers only ‘The current situation should spur France’s political leaders to abandon dogmatism on tax hikes’
Subscribers only ‘The current situation should spur France’s political leaders to abandon dogmatism on tax hikes’