French PM launches podcast to defend his 2026 budget cuts
As his approval ratings plummet, Bayrou has decided to launch a podcast and a series of YouTube videos to explain the outline of the 2026 budget directly to the French public.
The podcast will see its first episode broadcast this Tuesday at 5 pm. As for the YouTube videos, the first will focus on the general framework of the budget. Viewers will even be able to ask questions.
France's public deficit hit 5.8% of GDP in 2024, totalling €168.6 billion, a figure well above the maximum allowed by EU rules.
On 15 July, the prime minister presented a massive savings plan, targeting nearly €44 billion for the 2026 budget.
In his announcement, Bayrou outlined significant budget cuts to slash tens of billions of euros, aiming to bring the deficit down to 5.4% of GDP this year and 4.6% in 2026.
Among the most controversial measures are slashing two bank holidays and freezing retirement pensions and social benefits.
In practical terms, this means these benefits will not be adjusted to inflation, as is usually the case.
Bayrou hopes the cuts will bring the deficit to below the 3% threshold set by the EU by 2029.
These decisions have been severely criticised by the opposition, in particular the far-right National Rally party, which is threatening to table a no-confidence vote when the budget will be examined in Parliament this autumn.
Bayrou said that he would "negotiate" with different political groups, but without "backing down" on the deficit reduction targets.
It's a tricky initiative for the man whom some in his own camp are now comparing to former Prime Minister Michel Barnier, whose government collapsed last winter following a no-confidence vote.
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