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France News Today

French news in English

Thursday, October 17, 2024

Barnier's Bold Economic Reforms Unveiled

Published: 2024-10-03

French Prime Minister Michel Barnier has outlined his government's economic strategy, focusing on fiscal reforms to save 60 billion euros.

In a recent television appearance, Barnier detailed plans to cut 40 billion euros in public spending and raise 20 billion through increased taxes, targeting large corporations and the wealthiest citizens.

This approach marks a significant shift since 2017, sparking debate within political circles.

Barnier emphasized the need for a temporary fiscal effort from top earners and major companies, aiming to balance the budget without a majority in the Assembly.

Additionally, he announced a future initiative for a 'unified social allowance' to ensure work pays more than benefits, though concrete proposals are yet to be developed.

These measures are part of Barnier's broader agenda to stabilize France's economy and reduce national debt.