Overview

• Lecornu scrapped his predecessor François Bayrou’s proposal to eliminate two public holidays from a €44 billion consolidation plan.
• Fitch cut France’s sovereign rating to A+, the country’s lowest on record, which Lecornu said shows the nation is paying for instability.
• The prime minister invited negotiations with the Socialists, Communists and Greens and said the budget may not fully reflect his personal convictions.
• He warned that higher interest rates are straining state finances and households and pledged to set out a credible fiscal path.
• Caretaker finance minister Éric Lombard said the €44 billion effort should be reduced and signaled a greater contribution from the wealthiest through taxes on savings and some assets.