""France finally has a budget,""
""It was the lowest common denominator given the political fragmentation in parliament,""
""Of course, the government prolonged a tax hike for the country's biggest companies, which was supposed to be a one-off last year, and pushed back plans to cut production taxes,""
After months of tense negotiations, a 2026 budget has been agreed that aims to reduce the public deficit from 5.4% of GDP to 5% this year. The budget falls short of earlier targets and could jeopardize the EU pledge to reach a 3% deficit by 2029. Public debt now exceeds 115% of GDP. The centrist government secured silent Socialist support in exchange for left-wing measures and survived votes of confidence after using a constitutional mechanism. The plan prolongs a one-off corporate tax hike for very large firms and delays planned production tax cuts.
Read at www.dw.com
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