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FRANCE: Finance Minister Armand Hints At Electricity Tax Concessions

FRANCE
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The 10-year OAT/Bund spread is moving away from opening highs on the latest headlines from Finance Minister Armand, now little changed today at ~85bps.

  • Arman hinted that the Government may be willing to make concessions on electricity taxes in order to allow the 2025 budget to pass, stating that a modified budget is better than no budget.
  • Increased taxes on electricity have been one of RN leader Le Pen's largest criticisms of the 2025 draft budget. Such a concession would seemingly remove some political risk, but at the cost of a lower tax take (which may hamper the budget's fiscal targets).
  • A reminder that the EC said Tuesday that "the risks to achieving the fiscal objectives for 2025 set out in the Draft Budgetary Plan are tilted to the downside, and mainly relate to the favourable macroeconomic assumptions underpinning the budgetary targets set in the Draft Budgetary Plan".
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The 10-year OAT/Bund spread is moving away from opening highs on the latest headlines from Finance Minister Armand, now little changed today at ~85bps.

  • Arman hinted that the Government may be willing to make concessions on electricity taxes in order to allow the 2025 budget to pass, stating that a modified budget is better than no budget.
  • Increased taxes on electricity have been one of RN leader Le Pen's largest criticisms of the 2025 draft budget. Such a concession would seemingly remove some political risk, but at the cost of a lower tax take (which may hamper the budget's fiscal targets).
  • A reminder that the EC said Tuesday that "the risks to achieving the fiscal objectives for 2025 set out in the Draft Budgetary Plan are tilted to the downside, and mainly relate to the favourable macroeconomic assumptions underpinning the budgetary targets set in the Draft Budgetary Plan".