Marine Le Pen, leader of the far-right National Rally party, has proposed a financial plan to improve France's public finances. The plan aims to reduce the budget deficit to below 3% of the country's GDP by 2030 and includes a total of 140 billion euros in spending reductions by 2032. This would include 30 billion euros in tax cuts, with specific measures targeting production taxes and what Le Pen described as "paper taxes." She called the plan a "particularly solid but demanding trajectory," highlighting the need for significant fiscal discipline.
Le Pen introduced the plan at a time of heightened financial pressure on France, as investors and financial markets closely watch the country's economic stability. She criticized the policies of President Emmanuel Macron's government, accusing it of "Macronist waste" and stating that she has raised the level of fiscal effort needed from an initial target of 125 billion euros in savings by 2030 to 140 billion euros in net savings by 2032 compared to 2026. She emphasized that she hopes to avoid further increases in this target unless the economic situation deteriorates before the second round of the presidential election on May 2.
To achieve the 140 billion euros in spending reductions, the National Rally promises to cut taxes by at least 30 billion euros through measures such as reducing production taxes by 20 billion euros and simplifying administrative procedures. Le Pen stated that her policies would restore primary budget balance within 18 months and bring the public deficit below 3% of GDP by 2030. She also pledged that by the end of her term in 2032, the public deficit would be below 2.5% of GDP and public debt would be at 112%, compared to the current figures of 5.4% and 119%. Public spending would fall below 50% of GDP, down from the current 57%.
Le Pen reiterated her intention to introduce a "golden budget rule," which would be put to a public referendum. This rule would limit the public deficit to a level that allows France to gradually reduce its debt burden. She noted that setting an arbitrary deficit limit, such as 1%, might seem simple but would be a political decision without clear economic justification. Instead, she advocated for a more flexible approach that aligns with the country's financial realities.
Marine Le Pen Outlines Economic Plan to Reduce France's Deficit and Debt
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