French PM to Present Belt-Tightening 2027 Budget, Including Frozen Wages and New Taxes
The government aims to save €54 billion as it seeks to cut the deficit from 5.4% of output this year to 5% in 2027.
- France presents its 2027 budget bill today after 0930 GMT, seeking to enact unpopular belt-tightening measures to lower its deficit and appease bond investors ahead of next year's presidential election.
- The national debt burden reached a post-World War Two record of 119 percent of output as of the second quarter, the INSEE statistics office reported on Tuesday.
- French Prime Minister Lecornu plans €54 billion in spending cuts, prompting public sector strikes on Tuesday and student blockades this week over wage freezes and resource shortages.
- France faces a record €340 billion debt sale next year to fund the fiscal shortfall and refinance bonds issued during the Covid-19 pandemic that are now reaching maturity.
- Benchmark 10-year borrowing costs have surged to their highest level since 2008 as far-right polling leads emerge amid a backlash against President Emmanuel Macron's centrist legacy.
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17 Articles
After announcing his budget for 2027 on Thursday, Sébastien Lecornu will enter a long political battle to try to get it adopted before the end of the year.Orders or 49.3: What are the scenarios on the table? How was the finance bill built to satisfy oppositions? What are the [...]
France demands belt-tightening in 2027 budget as investors sour on its debt
France presented its 2027 budget bill on Thursday, seeking to enact unpopular belt-tightening measures that can lower its deficit and appease increasingly twitchy bond investors ahead of next year's presidential election.
This Thursday, October 1st, the government presents the details of the budgetary efforts for the year 2027. In search of all savings, Sébastien Lecornu will have to face a National Assembly that should not give him a gift on the background of a very constrained calendar set by the...
French PM to present belt-tightening 2027 budget, including frozen wages and new taxes
French Prime Minister Sébastien Lecornu is due on Thursday to present a belt-tightening government budget for 2027, with savings predicted to come from freezing wages in the public sector and all but the lowest pensions. A series of targeted tax measures are expected as well.
Sébastien Lecornu will unveil this Thursday the last draft budget before the presidential elections. The efforts requested are substantial as the French debt explodes.
On Thursday, the government unveils its draft "recovery budget" for 2027, the parliamentary discussion of which promises to be a crossroad for the Prime Minister, who will only be able to pass the text at the risk of censorship.
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