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FRANCE: New Fin Min-'Budget Situation Serious'

FRANCE
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France's newly-appointed Minister of Economy, Finances and Industry Antoine Armand speaking to France Inter earlier this morning continued the previous rhetoric from PM Michel Barnier outlining the difficult fiscal situation the country finds itself in. Asked about the prospect of increases in taxation, Armand said "Given the seriousness of the budgetary situation, how can everyone contribute intelligently?", adding "My job is to ensure that any levies that exist do not hinder growth or job creation."

  • Armand: "France is the country that taxes the most in the world, "the question we ask ourselves (...) is how we ensure that those who have a significant income or wealth pay a minimum of taxes...Targeted levies on the wealthiest households are under consideration".
  • Reports on 23 Sep that the gov't has requested the EU push back its deadline again for the submission of spending plans only serve to highlight the difficult situation the Barnier gov't finds itself in.
  • The political environment will also prove immensely challenging. The coalition of parties from the centrist pro-Macron Ensemble (Renaissance, MoDem, Horizons, UDI) and the conservative Republican Right (as Les Republicains are known in parliament) comprises just 212 out of 577 seats in the National Assembly.
  • With the leftist New Popular Front (NFP) set to bring censure votes against the gov't come the reconvening of parl't on 1 Oct, this will leave the gov't vulnerable to collapse or reliant on the support/abstention of the far-right Rassemblement National (RN).
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France's newly-appointed Minister of Economy, Finances and Industry Antoine Armand speaking to France Inter earlier this morning continued the previous rhetoric from PM Michel Barnier outlining the difficult fiscal situation the country finds itself in. Asked about the prospect of increases in taxation, Armand said "Given the seriousness of the budgetary situation, how can everyone contribute intelligently?", adding "My job is to ensure that any levies that exist do not hinder growth or job creation."

  • Armand: "France is the country that taxes the most in the world, "the question we ask ourselves (...) is how we ensure that those who have a significant income or wealth pay a minimum of taxes...Targeted levies on the wealthiest households are under consideration".
  • Reports on 23 Sep that the gov't has requested the EU push back its deadline again for the submission of spending plans only serve to highlight the difficult situation the Barnier gov't finds itself in.
  • The political environment will also prove immensely challenging. The coalition of parties from the centrist pro-Macron Ensemble (Renaissance, MoDem, Horizons, UDI) and the conservative Republican Right (as Les Republicains are known in parliament) comprises just 212 out of 577 seats in the National Assembly.
  • With the leftist New Popular Front (NFP) set to bring censure votes against the gov't come the reconvening of parl't on 1 Oct, this will leave the gov't vulnerable to collapse or reliant on the support/abstention of the far-right Rassemblement National (RN).