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France Targets €40 Billion in Budget Cuts for 2026 Amid Debt Concerns

Prime Minister François Bayrou outlines fiscal priorities, rejecting tax increases while facing opposition threats of censure over austerity measures.

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Budget: «Nous manquons de ressources car notre pays ne produit pas assez», affirme François Bayrou
«On est en situation d’urgence budgétaire», martèle le président du Medef Patrick Martin.

Overview

  • The French government announced a €40 billion savings plan for the 2026 budget, aiming to reduce the public deficit from 5.4% to 4.6% of GDP.
  • Prime Minister François Bayrou convened a conference on April 15, 2025, to address France's fiscal challenges and present four strategic budget priorities.
  • The government emphasized that tax hikes are not a viable solution, instead focusing on expenditure cuts and economic reforms to address growing public debt.
  • Opposition parties, including the left and Rassemblement National, threatened censure if the measures disproportionately affect ordinary citizens.
  • Bayrou highlighted low productivity and workforce participation as key contributors to fiscal challenges, while warning that debt interest costs could reach €100 billion by 2029.