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France: How Michel Barnier wants to reduce the budget deficit

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Published: October 15th, 2024,
Last updated: October 23rd, 2024

France's Prime Minister Michel Barnier arrives for a weekly cabinet meeting at the Elysee Palace, in Paris, Thursday, Oct. 10, 2024.
French Prime Minister Michel Barnier wants to increase corporate taxes.
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Michel Barnier’s government spokesperson admits that his proposals are a „fighting budget that contains unpopular measures“. The Prime Minister is proposing to significantly increase taxes on corporate profits and income from wealthy individuals. In this way, he wants to reduce France’s high budget deficit. In doing so, he is breaking with Emmanuel Macron’s priorities, who had pursued a supply-side policy. Barnier’s spokesperson Maud Bregeon appeals for understanding: the budget proposal for 2025 is intended to „prevent a crisis whose first victims would be the weakest among us“.

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