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FRANCE: Le Pen-Gov't Has Little Time To Improve Budget Bill
Far-right Rassemblement National (National Rally, RN) parliamentary leader Marine Le Pen speaks following her meeting with PM Michel Barnier.Comes as the PM attempts to reach a majority, or at least avoid having to use Art. 49.3 of the constitution to force the bill through without a vote. Le Pen says that in its current form RN would not support the budget or the PM.
- Says that she repeated to the PM her party's 'red lines' when it comes to a confidence vote, adding 'nothing has changed so far'. Le Pen: 'We will see if my message to Barnier will be heard, but nothing is less certain'. Le Pen says that gov't 'has little time left to improve the budget bill' and that Barnier "appeared to be entrenched in his positions"
- The meeting comes as the Senate begins its consideration of the budget bill ahead of a vote in the upper chamber on 12 Dec. Les Echos offers a rough timeline: "Until the end of the week, the first part of the budget (revenues) will be examined [...] senators will work on the expenditure component starting on Monday, December 2. A formal vote is set for December 12. It will be followed by a joint committee, before a new passage in the Assembly in public session, scheduled for December 18. The government should then, in all likelihood, resort to article 49.3 to have the text adopted, before a possible motion of censure by the opposition on December 20."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.