Budget deficit rising in France: Will there be tax hikes?

French Finance Minister Bruno Le Maire has made a statement regarding the government's growing budget deficit. Le Maire stated that no further taxes would be introduced.

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Budget deficit rising in France: Will there be tax hikes?

In France, the budget deficit reached 154 billion euros in 2023. This figure corresponds to 5.5 percent of GDP. The rate was at 4.8 percent the previous year.

Thus, the gap between government revenues and expenditures has risen even further above the 3 percent threshold set as a maximum by the European Union, which is currently suspended.

French Finance Minister Bruno Le Maire said in an interview with RTL radio station that reducing the budget deficit this year and next year should be achieved through tighter budgets rather than higher taxes.

Minister Le Maire stated, "We can certainly make some cuts in public spending without reaching into the pockets of the French people."

News Source: 12punto