The Fort Worth Press - French PM vows more taxes and spending cuts ahead of budget fight

USD -
AED 3.672504
AFN 64.000368
ALL 81.218818
AMD 360.140403
ANG 1.789785
AOA 918.000367
ARS 1528.862404
AUD 1.422678
AWG 1.8025
AZN 1.70397
BAM 1.747092
BBD 2.014338
BDT 124.158076
BGN 1.747831
BHD 0.377606
BIF 3001.375712
BMD 1
BND 1.27771
BOB 12.126707
BRL 5.438704
BSD 1.000156
BTN 94.912544
BWP 13.81787
BYN 2.946066
BYR 19600
BZD 2.011399
CAD 1.39755
CDF 2315.000362
CHF 0.823841
CLF 0.025146
CLP 992.920396
CNY 6.661104
CNH 6.65272
COP 3219.41
CRC 454.787056
CUC 1
CUP 24.001751
CVE 98.497943
CZK 21.81604
DJF 177.720393
DKK 6.697404
DOP 60.620679
DZD 135.802679
EGP 55.738436
ERN 15
ETB 161.461739
EUR 0.892404
FJD 2.243704
FKP 0.747647
GBP 0.746436
GEL 2.603861
GGP 0.747647
GHS 11.651465
GIP 0.747647
GMD 74.000355
GNF 8851.589159
GTQ 7.645651
GYD 209.633474
HKD 7.84625
HNL 26.880818
HRK 6.76901
HTG 131.032142
HUF 327.940388
IDR 18133.75
ILS 3.14456
IMP 0.747647
INR 94.917504
IQD 1516.088114
IRR 1868415.000352
ISK 121.830386
JEP 0.747647
JMD 158.924129
JOD 0.70904
JPY 157.580385
KES 129.870385
KGS 87.448704
KHR 4080.593508
KMF 441.00035
KPW 899.999961
KRW 1333.420383
KWD 0.31117
KYD 0.833434
KZT 453.459704
LAK 22517.911061
LBP 89559.597295
LKR 332.651457
LRD 170.008263
LSL 16.666696
LTL 2.95274
LVL 0.60489
LYD 6.428964
MAD 9.833447
MDL 17.902128
MGA 4523.771239
MKD 55.008665
MMK 2099.909661
MNT 3597.883233
MOP 8.081288
MRU 40.55493
MUR 47.280378
MVR 15.450378
MWK 1733.828824
MXN 18.786704
MYR 4.058204
MZN 63.910377
NAD 16.666696
NGN 1346.470377
NIO 36.803459
NOK 9.208504
NPR 151.859892
NZD 1.772422
OMR 0.384417
PAB 1.00025
PEN 3.46149
PGK 4.551281
PHP 63.764504
PKR 276.672235
PLN 3.94725
PYG 5859.074911
QAR 3.645686
RON 4.782204
RSD 105.25382
RUB 80.300995
RWF 1476.317024
SAR 3.7544
SBD 8.058206
SCR 13.759577
SDG 601.503676
SEK 9.826204
SGD 1.278704
SHP 0.748335
SLE 22.903667
SLL 20969.504398
SOS 571.533215
SRD 37.619504
STD 20697.981008
STN 21.886236
SVC 8.750648
SYP 13001.999685
SZL 16.6622
THB 33.720369
TJS 9.205654
TMT 3.5
TND 2.990728
TOP 2.40776
TRY 49.934904
TTD 6.780948
TWD 32.621404
TZS 2641.198038
UAH 45.361884
UGX 4250.396409
UYU 40.208322
UZS 11995.497668
VES 887.479804
VND 25803.5
VUV 119.217464
WST 2.773901
XAF 585.378718
XAG 0.020359
XAU 0.000258029557
XCD 2.70255
XCG 1.802387
XDR 0.707052
XOF 585.378718
XPF 106.533507
YER 236.203589
ZAR 16.727445
ZMK 9001.203584
ZMW 20.167407
ZWL 321.999592
SSP 5745.199062
MXV 2.117364
  • RIO

    -0.3300

    97.04

    -0.34%

  • CMSC

    -0.0400

    20.67

    -0.19%

  • RELX

    0.0000

    33.41

    0%

  • RBGPF

    0.0000

    67.95

    0%

  • BCE

    -0.0700

    21.99

    -0.32%

  • BCC

    -0.0300

    75.66

    -0.04%

  • GSK

    0.8600

    51.08

    +1.68%

  • JRI

    -0.0300

    11.52

    -0.26%

  • NGG

    -0.1200

    76.68

    -0.16%

  • CMSD

    0.0900

    20.54

    +0.44%

  • BTI

    -0.0800

    55.75

    -0.14%

  • AZN

    2.0200

    168.1

    +1.2%

  • BP

    -1.4200

    43.16

    -3.29%

  • RYCEF

    0.4600

    19.7

    +2.34%

  • VOD

    0.0700

    17.02

    +0.41%

French PM vows more taxes and spending cuts ahead of budget fight
French PM vows more taxes and spending cuts ahead of budget fight / Photo: © AFP

French PM vows more taxes and spending cuts ahead of budget fight

France's new Prime Minister Michel Barnier pledged new taxes and spending cuts Tuesday to reduce a "colossal" debt, in a policy address that met with a raucous reception from lawmakers who could topple his government at any time.

Text size:

Barnier, a right-wing former EU Brexit negotiator, was appointed by centrist President Emmanuel Macron to bring some stability after the political chaos created by a hung parliament that resulted from snap elections this summer.

But furious heckling of his first major policy speech, especially from the left, recalled that his loose coalition ranks of conservatives and centrists are outnumbered by the NFP alliance and far-right National Rally (RN).

If both joined forces, they could remove Barnier in a confidence vote.

Opportunities to topple the government will abound in the coming months as ministers struggle to get a 2025 budget through parliament before year's end.

He said the government aims to reduce the deficit to five percent of GDP in 2025, "on the right path" to reach the European Union limit in 2029 -- two years later than previously planned.

He called France's "colossal" debts of over 3.2 trillion euros ($3.5 trillion) -- more than 110 percent of GDP -- "the true sword of Damocles... hanging over the head of France and of every French person".

He said that two-thirds of deficit reduction would come from slashing spending from its present 57 percent of GDP -- far above the 49-percent European average.

But while France has "among the highest taxes in the world," there would be "a time-limited effort that must be shared, with an insistence on tax justice" or equitably sharing the burden, Barnier added.

Highly-profitable big companies and wealthy individuals would both be called on to pay more, he said.

- Red lines -

Barnier sought to throw some bones to the left.

He called out "a second sword of Damocles that is just as terrible: the environmental debt we are leaving as a legacy to our children".

France would bet on both its traditional strength in nuclear power and renewables to reduce carbon emissions, he said.

Barnier opened the door to tweaking last year's hugely unpopular pension reform that raised the retirement age.

And in a list of red lines, he vowed "zero tolerance for racism and anti-Semitism" and protection for "freedoms achieved over the years" including on abortion, gay marriage and in-vitro fertilisation.

Some opponents and observers have feared for migrants' rights and sexual and reproductive freedoms under a largely conservative government tolerated by the RN.

Barnier's pledges directed at far-right voters included greater "security in daily life", where "the public will be reassured by the presence of law enforcement".

He added that "France will continue to re-establish checks on its own borders for as long as necessary, as is allowed under European rules and as Germany has just done".

In talks with major countries of origin for irregular migration, France would threaten reductions in the number of visas issued for legal travel, Barnier warned.

His comments on immigration follow the rape and murder of a 19-year-old Paris student where a Moroccan man due to be deported was named as the suspected attacker.

MPs observed a minute of silence for the victim, named as Philippine, as the parliamentary session opened.

- Eyes on top job -

The NFP -- an alliance of hard-left France Unbowed, Communists, Socialists and Greens -- is expected to file a confidence motion against the Barnier government in the coming days.

But the RN is biding its time for now, betting on a strategy of looking responsible to voters rather than triggering more political chaos.

Eyes in the political scene are already turning towards 2027, when a new presidential election must be held at which Macron cannot stand again due to term limits.

RN chief Marine Le Pen hopes her fourth presidential bid will be the one to bring her into the Elysee Palace, after record scores at this year's European and parliamentary elections.

The party is now the largest single outfit in the National Assembly (lower house), while far short of a majority in the 577-seat chamber.

The rightward shift in French politics comes as part of a general trend in Europe which also on Sunday saw Austria's far-right Freedom Party come out on top in national elections.

bur-sjw-as-tgb/lth

H.M.Hernandez--TFWP