Upstream of a public finance conference this week, the Minister of the Economy Eric Lombard sought to prepare the French for a complicated 2026 year. For the next budget, 40 to 50 billion euros will have to be found to save money.
The government is preparing the French for new efforts
Governments after governments, year after year, French taxpayers are entitled to the same catchphrase: it is necessary to make efforts. After the joke that was the establishment of the 2025 budget, the government is already thinking about the implications of that of 2026. The idea is clear: achieve between 40 and 50 billion euros in savings.
For the Minister of the Economy Eric Lombard, this is a “additional effort […] very considerableWho awaits the French, although the idea of increasing taxes for middle classes and companies would not be on the agenda. The objective would therefore be essentially to achieve savings, at a time when state expenditure represented no less than 57.1 % of the gross domestic product (GDP) of the country in 2024.
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The last time the French government has managed to complete an excess budget, It was under Valéry Giscard d'Estaing, in 1974. Since then, deficits accumulate, and now is a question “deficit lens».
Still in 2024, the latter amounted to 5.8 % of GDP, while the government is expecting 5.4 % this year and aims at 4.6 % next year.
The problem, This is that this practice has the effect of increasing state debtwhich is embellished each year by several tens of billions of euros. While it amounts to more than 3,300 billion euros, therefore 150 billion euros were added in 2024.
As a result, the interests of the said debt weigh more and more in the government's budget, and the dynamics can only be stopped when real measures are taken to finish the years “in green”.
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During a trip Friday, François Bayrou went there from his usual language of wood, a characteristic feature of the French political class when the skills of the field are lacking:
France has dragged pathologies, or in any case imbalances, for thirty years […]. They are all the more difficult to deal with since we have entered into times of crisis. However, we will expose them to the French to share with them all the risks. The truth is decisive for the necessary decisions to be made.
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Tuesday, The government must hold a conference on public financesand all these questions about the 2026 budget will be mentioned. Beyond the words, the important thing will therefore be to judge the concrete actions which will be decided during the next finance bill (PLF).
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Source: Les Echos
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Vincent Mayor
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