France's prime minister wants to cut 2 public holidays to save money for the indebted economy
That's among a raft of spending cuts laid out by Prime Minister Francois Bayrou in a sweeping, and potentially doomed, budget plan. He argued that removing two state holidays would bring in tax revenues generated from economic activity, contributing to around 44 billion euros ($51.3 billion) in overall savings.
President Emmanuel Macron tasked Bayrou with crafting a budget that shaves costs to bring down France's staggering debt and deficit — while also adding billions in new defense spending to face what Macron says are resurgent threats from Russia and beyond.
Bayrou questioned the religious importance of Easter Monday. And Victory Day, celebrated on May 8, comes in a month that has become a 'veritable Gruyere,' or holey cheese, of days off that includes May Day and the Catholic holiday of Ascension, he said.
He said that those holidays were just suggestions, and that he was open to other ideas. France currently has 11 official holidays per year.
With no parliamentary majority, Macron's centrist grouping must win support from adversaries on the left and right to pass the budget this fall. Bayrou's proposals, which are just a first step in the budget process, were quickly assailed by unions and the far-right National Rally, the largest single party in the lower house of Parliament.
Bayrou's job is precarious, and he could be voted out if he fails to reach compromise on the budget.
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The Guardian
17 minutes ago
- The Guardian
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Reuters
an hour ago
- Reuters
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Finextra
an hour ago
- Finextra
UniCredit taps Wise Platform for cross-border retail payments service
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