French PM to present belt-tightening 2027 budget, including frozen wages and new taxes
Summary
French Prime Minister Sébastien Lecornu is set to present the 2027 budget, which includes freezing public sector wages and most pensions, along with new taxes. The goal is to reduce France’s budget deficit and calm nervous investors ahead of next year’s presidential election.Key Facts
- The 2027 budget proposes freezing wages for public workers and most pensions except the lowest ones.
- The government plans to introduce targeted new taxes to help reduce the deficit.
- France aims to cut its budget deficit from 5.4% of its economic output this year to 5% in 2027.
- The national debt has reached 119% of France's economic output, a record level since World War II.
- France must sell €340 billion in debt next year to cover budget shortfalls and repay older debt.
- Public sector workers protested the wage freeze with strikes, and students protested about poor school conditions.
- The budget faces opposition in a divided parliament ahead of the April-May 2027 presidential election.
- Far-right leader Marine Le Pen leads polls amid criticism of President Emmanuel Macron’s government.
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