Overview

• François Bayrou lost the National Assembly confidence vote 194–364, the first time a French premier has been defeated on a confidence question in the Fifth Republic.
• The clash centered on Bayrou’s 2026 consolidation plan with roughly €44 billion in savings, including eliminating Easter Monday and 8 May as public holidays.
• Bayrou is expected to tender his resignation and remain as caretaker until President Emmanuel Macron names a new prime minister.
• Élysée sources signaled a swift nomination, with Macron rejecting dissolution of the Assembly as calls for a 10 September “Bloquons tout” blockade and an 18 September union strike gather pace.
• France’s debt stands around €3.3 trillion with a 5.8% deficit, and Fitch is due to review the rating on Friday, as analysts say prolonged uncertainty could bolster the far-right RN.