Overview

• Prime Minister François Bayrou will seek the National Assembly's confidence on 8 September after unveiling savings of roughly €43.8–44 billion for 2026 to curb the deficit.
• Major blocs including RN, LFI, Socialists, Greens and Communists rejected Bayrou's late outreach and say they will vote no, placing his minority government at real risk.
• The plan targets a deficit near 4.6% of GDP through spending freezes outside defense, a halt to indexation of pensions and benefits, and scrapping two public holidays.
• President Emmanuel Macron has declared full support for Bayrou; RN demands new elections, which Macron currently rules out, and a failed vote would force him to name another prime minister.
• French bond yields and the spread over Bunds have climbed above 0.8 percentage points as bank shares fall, and unions have called a general strike for 10 September.