HomeEconomyMacron struggles to change French spending habits Economy Macron struggles to change French spending habits By farahat June 1, 2023 0 45 views Share FacebookTwitterPinterestWhatsApp BARC +0.% Add/Remove from Watchlist to watch list Add location Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point of view value: Leverage: 1:1 1: 1: 1: 1: 1: 41 1: 50 1: 41 1: 41 Committee: 9084 CREATE NEW WATCHLIST CREATE Create a new holding portfolio Add Create 2027 + add another position to close 1000 SPGI +0.% 2027 Add/Remove from Watchlist Add to watch list Add position Location successfully added to: Please name your portfolio type: purchase Sell date: quantity: price Point Value: Leverage: 1: 11: 1: 1: 1: 1: 10 1: 52 1: 64 1: 52 Committee: CREATE NEW WATCHLIST CREATE 8119 2027 Create a new shareholding combination to add to create 1000 + add another position to close by Leigh Thomas PARIS (Reuters) – French President Emmanuel Macron eased labor laws and cut taxes Waiting for reform measures to achieve economic transformation, but it has not broken France’s addiction to spending big money to buy social peace. His plan to raise the retirement age by two years to , Macron finally promised to cut taxes for the middle class by 2 billion euros ($2.2 billion) per month. France’s debt is almost the highest in Europe 10 as a percentage of economic output, his plans were met with A stern warning from the public auditor’s office and the central bank that France cannot cut taxes without slashing spending. “We need to do more on public finances, we need to be cautious about unfunded tax cuts and spending growth too fast,” France central bank governor Francois Villeroy de Galhau said at a conference on Thursday. Rating agencies also noted France’s lack of progress in reducing its national debt, which has been under pressure from COVID- crisis, now only 3 trillion euros away. Although the pension reform is aimed at reducing the fiscal burden, the rating agency Fitch downgraded France’s public debt rating at the end of April, saying the potential Political paralysis and social unrest pose risks to Macron’s reform agenda. Finance Minister Bruno Le Maire has been busy in recent weeks convincing S&P Global (NYSE: SPGI ) Don’t do it when you update your opinion on France later this Friday. “Contrary to what Feige said, we can say that Le Maire told France Inter radio on Wednesday that he mentioned the pension plan and the Unemployment insurance reform. He said he would detail later this month after ordering each ministry to cut 5 percent of the budget. Explain plans to control spending. On top of that, last week he asked ministries to also freeze 1% spending to keep the government’s public finances afloat. The risk is that France will otherwise fall behind Paris’ European partners in pledging to cut the budget deficit from 4.9% of output this year to below the EU’s 3% limit , which some economists believe has lacked ambition. “It worries me that France seems to be the only one that doesn’t A country that understands that 3% is not a target but a limit that cannot be broken,” said 500282 Barclays(London:1000 BARC ) Senior Economist Philippe Gooding, former senior official of the French Ministry of Finance. While there is no risk of French debt colliding with financial markets, the costs of failing to cut the deficit and debt are mounting rapidly. A surge in interest rates last year means the Treasury now expects the cost of servicing France’s debt to rise from billion euros this year over Billion 85, more than government spending on education or defense. “Our policy for the past six years has seen France in Growth, employment and reindustrialization have achieved results. We are not doing this for the rating agencies,” Le Maire said. ($1=0.85 EUR) 200 Share FacebookTwitterPinterestWhatsApp Previous articleHow 'Queen Charlotte' star Aselma Thomas is preparing for role of young Lady Danbury: 'I need to call upon the women in my life'Next articleTransformers Toys Contribute to JAXA's Space Program farahat RELATED ARTICLES Economy Global stocks edge down with data boost fading, shutdown and quarter-end in focus October 1, 2023 Economy Analysis-Global bond investors fear more declines after vicious quarterly selloff September 30, 2023 Economy US inflation outlook brightens as underlying price pressures subside September 30, 2023 LEAVE A REPLY Cancel reply Comment: Please enter your comment! Name:* Please enter your name here Email:* You have entered an incorrect email address! Please enter your email address here Website: Save my name, email, and website in this browser for the next time I comment. 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