The new French Prime Minister Michel Barnier announced in his inaugural speech that the increase in… France Wanting to curb national debt. Debt is “the real sword of Damocles” that threatens France, Barnier told the National Assembly in Paris. He wants to reduce the budget deficit, which is at six percent of economic output this year, to five percent next year. The European limit of three percent should be reached in 2029 – two years later than previously planned.
To achieve his goal, quit Barnier Tax increases for wealthy individuals and companies with high profits. It is about an “extraordinary contribution to the richest French people”. He assured companies that higher taxes should not threaten their competitiveness.
At the same time, his government will reduce government spending, Barnier said. France’s public spending is far higher than that of neighboring countries and needs to be cut. However, Barnier promised that the areas of health, education and social affairs would not be affected.
France must present the EU Commission with a plan by the end of the month on how it wants to get its finances back under control. Commission proceedings are already underway against the EU’s second-largest member state because of excessive new debt. The new government of the conservative prime minister, which has only weak support in parliament, has to prepare its budget for the coming year under great time pressure.
This article will continue to be updated.
The new French Prime Minister Michel Barnier announced in his inaugural speech that the increase in… France Wanting to curb national debt. Debt is “the real sword of Damocles” that threatens France, Barnier told the National Assembly in Paris. He wants to reduce the budget deficit, which is at six percent of economic output this year, to five percent next year. The European limit of three percent should be reached in 2029 – two years later than previously planned.
