France's PM wants to scrap two public holidays to help fix government finances
Bayrou's plan involves freezing welfare spending and tax brackets in 2026 at 2025 levels, not even adjusting for inflation, which was immediately criticized by leftwing and far-right politicians. Defence spending, however, will increase.
France saw its budget deficit hit 5.8% of gross domestic product last year, nearly double the official EU limit of 3% of GDP, as a political crisis left four successive governments paralysed and incapable of tackling an unexpected drop in tax income and surge in spending for a second year.
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France's PM wants to scrap two public holidays to help fix government finances
French Prime Minister Francois Bayrou proposed scrapping two public holidays and freezing most public spending as part of a €43.8 billion ($50.88 billion) budget squeeze he outlined on Tuesday. Bayrou's plan involves freezing welfare spending and tax brackets in 2026 at 2025 levels, not even adjusting for inflation, which was immediately criticized by leftwing and far-right politicians. Defence spending, however, will increase. France saw its budget deficit hit 5.8% of gross domestic product last year, nearly double the official EU limit of 3% of GDP, as a political crisis left four successive governments paralysed and incapable of tackling an unexpected drop in tax income and surge in spending for a second year.
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