Save time by listening to our audio articles as you multitaskThe budget focuses on protecting the French from soaring energy prices. France will spend €45bn next year on state subsidies to keep energy costs down. Already this year the government has frozen gas prices and capped the rise in electricity prices to 4%. In 2023 this cap will rise by an additional 15% for both gas and electricity bills.
Mr Le Maire has not done everything he had on his list. Mindful of the deficit, he has postponed inheritance-tax cuts. A small cut in business taxes has been spread over two years. The budget, as he pointed out, still does “a little too much” to support the use of fossil fuel. But it also, he argued, marks the end of the philosophy of spendingNot everyone agrees. French public finances will remain stretched.
Whether the government manages to achieve its own objective next year is uncertain. Public spending may turn out to be underestimated, warned the official public-finances watchdog this week. The government’s growth forecast for 2023 of 1% could also prove optimistic. So far the French economy has proved robust. Yet inflationary pressures on firms and slower growth elsewhere will dampen it. The Bank of France expects growth in 2023 to reach 0.8% at best.
Ultimately, says Mujtaba Rahman of Eurasia Group, a political-risk consultancy, deficit reduction “cannot be achieved without pension reform”. France spends about 14% ofaverage of 8%. The European Commission, which has suspended its fiscal rules for now, is looking closely for signs that France is serious about getting a grip on public spending. During his re-election campaign, President Emmanuel Macron promised to raise the pension age from 62 years to 64 or 65.
Whilst, in UK..... Quoiqu'il en coûte, mangeons du gateau' fiscalEvent. minibudget2022 Trussonomics
it looks like they are relying on truss taking us back into the eurinal and our financial support
Because you don’t like who got elected in Italy, that doesn’t mean there’s uncertainty
Snow ball
You write some absolute shite.
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