2024-10-10 23:55:09
Economy
Finance
Government

France Unveils Austerity Measures Amid Budget Crisis

Image courtesy of : AFP (ALAIN JOCARD)

The French government has introduced a stringent budget plan for 2025, targeting a deficit reduction through significant public spending cuts and tax hikes. Aiming to save 60 billion euros, the plan includes 2,200 job cuts predominantly in education and substantial reductions in the Ministry of Sports, justified by the end of the Olympic Games.

In a bid to mitigate the financial crunch, the plan proposes "exceptional and temporary" tax increases on the wealthy and large corporations. Furthermore, new levies on aviation and energy are anticipated. Prime Minister Michel Barnier may invoke the controversial Article 49.3 of the French Constitution to pass the budget without parliamentary approval.

Finance Minister Antoine Armand highlights the unprecedented nature of the fiscal challenges, emphasizing the critical state of France's public debt. The nation's deficit has soared to 6.1% of GDP, with debt surpassing 110% of GDP.

Despite the austerity measures, the government pledges to bolster sovereignty and security, with increased funding for the Justice and Armed Forces sectors. However, these plans face criticism from both political spectrums and within the government itself, raising concerns over potential social unrest.

Under pressure from financial markets and the European Union, France aims to present a credible consolidation plan to Brussels. Yet, the High Council for Public Finances regards the plan as overly optimistic. As France navigates this fiscal storm, the government is tasked with balancing austerity with the imperative to maintain social and political stability.

EuroNews
10. Oktober 2024 um 19:00

French government reveals unprecedented cuts in public spending and tax increases for 2025

Economy
Politics
Finance
The French government has presented a budget plan for 2025 with 60 billion euros (2% of GDP) in public spending cuts, including 2,200 job cuts, mainly in the education sector. There will also be "exceptional and temporary" tax increases on the wealthy and large companies, as well as new taxes on aviation and energy. Prime Minister Michel Barnier may adopt the text without a vote, using the controversial Article 49.3 of the French Constitution. The budget of the Ministry of Sports will also und..
EuroNews
10. Oktober 2024 um 20:44

French government announces budget cuts for 2025

Politics
Economy
The French government under Prime Minister Michel Barnier is planning massive budget cuts of 60 billion EUR for 2025, which will affect all ministries. Economy Minister Antoine Armand announces 40 billion EUR in savings, particularly in the education sector with over 2,000 job cuts. Budget Minister Laurent Saint Martin promises targeted cuts and increases to strengthen sovereignty and security.
EuroNews
10. Oktober 2024 um 18:56

France: government presents 2025 budget with spending cuts and tax increases

Politics
Economy
Finance
Environment
The French government is presenting the 2025 budget with 40 billion euros in public spending cuts and "exceptional and temporary" tax increases of 20 billion euros; the Budget Minister promises "targeted reductions" and "not indiscriminate cuts".
EuroNews
10. Oktober 2024 um 19:10

Budget 2025: Die vom französischen Regierung präsentierten Maßnahmen

Politik
Wirtschaft
Finanzen
Die französische Regierung enthüllt ihren Haushaltsentwurf 2025 mit dem Ziel, das Defizit auf 6% des BIP zu senken. Der Plan umfasst Kürzungen von 60 Milliarden Euro, davon 40 Milliarden in den öffentlichen Ausgaben, sowie "außergewöhnliche und vorübergehende" Steuererhöhungen für Hocheinkommensbezieher und Großunternehmen.
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