France aims to save 50 billion euros in 2025 - Government reduces target to secure parliamentary support
France's new government aims to achieve around 50 billion euros in savings from the 2025 budget, Finance Minister Eric Lombard said, setting a lower target than his predecessor.
Lombard said that lighter "austerity" was needed to maintain economic growth, adding that the budget bill currently being drafted would target a deficit of 5.0% to 5.5% of Gross Domestic Product (GDP).
The previous government, which was ousted last month after opposition parties rejected part of the 2025 budget, had hoped to reduce the deficit to 5% this year from 6.1% in 2024.
Lombard began consultations with opposition parties to gain support in advance before proposing the new budget bill, hoping to avoid a vote of no confidence as in the case of the previous government.
France's failure to pass a 2025 budget has spooked investors and rating agencies, but the savings needed to fix France's public finances have been deemed excessive by lawmakers. The previous government led by Michel Barnier had targeted savings amounting to 60 billion euros.
Lombard said the bill would not create new taxes, but would create a planned additional tax on France's biggest companies aimed at bringing in around 8 billion euros, as well as a tax increase for the wealthiest taxpayers.
The minister added that he was open to increasing the flat 30% tax on capital gains and income, introduced by President Emmanuel Macron in 2018, aimed at making France more attractive to global investors. The flat tax fueled criticism of Macron as a president who favored the wealthy.
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