Latest news with #Bayrou
Yahoo
a day ago
- Business
- Yahoo
French PM Bayrou proposes slashing two public holidays to reduce national deficit
France's Prime Minister François Bayrou has outlined plans to cut €43.8 billion from the national budget, warning that debt presents a "mortal danger" for the country. The cuts involve reducing the number of people employed in the civil service and a so-called "solidarity contribution" for "the wealthiest", as well as scrapping tax breaks for business expenses for pensioners. He also proposed getting rid of two public holidays, citing Easter Monday and 8 May as possible contenders to be scrapped. Bayrou said that would make it possible to increase productivity without raising taxes or VAT. May 8 has historical significance in France and across Europe as it marks the surrender of Nazi Germany in 1945 and the end of World War II in Europe. "It's the last stop before the cliff, before we are crushed by the debt," Bayrou told MPs, saying that debt is increasing by €5,000 every second. "It's late but there is still time," he added. He said the French shouldn't forget the financial woes Greece experienced more than a decade ago when it went through a full-blown debt crisis and needed multiple international bailout packages and years of austerity to get back on its feet. 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. In his announcement, Bayrou outlined significant budget cuts with the aim of slashing tens of billions of euros, aiming to bring the deficit down to 5.4% of GDP this year and 4.6% in 2026. Related Macron: France to spend billions to counter biggest threat to Europe's freedom since World War II UK and France launch pilot scheme to further deter Channel crossings He is hoping the cuts will bring the deficit to below the 3% threshold set by the EU by 2029. President Emmanuel Macron has tasked his prime minister with repairing public finances with the 2026 budget after the snap election he called last year resulted in a hung parliament too divided to tackle spiralling spending. Following the recommendations of Macron and citing the situation in both Ukraine and the Indo-Pacific region, Bayrou said no cuts would be made on national defence spending. €3.5 billion will be included in the 2026 budget, with a further €3 billion in 2027. Error in retrieving data Sign in to access your portfolio Error in retrieving data
Euronews
2 days ago
- Business
- Euronews
Fact check: Which European country has the most public holidays?
A debate has erupted in France over whether the country's population works hard enough, after Prime Minister François Bayrou suggested getting rid of two public holidays to boost the economy. "The entire nation needs to work more to produce and for the country's overall activity to be more significant throughout the year, so that France's situation improves," Bayrou said at a press conference on 15 July. "Therefore, I propose that two public holidays be removed for the entire country." The prime minister suggested, for example, getting rid of Easter Monday, as it has "no religious significance" compared to Easter Sunday, and 8 May, which celebrates the end of World War II in Europe. The proposal has sparked a discussion in French media and among social media users about how the country compares to its neighbours when it comes to public holidays, whether the French really do work less than other Europeans, and whether getting rid of public holidays would really help France's ailing economy. Bayrou claims that removing two such days would bring in tax revenues generated from economic activity, contributing to around €44 billion in overall savings. The French National Institute of Statistics and Economic Studies, however, has projected a 0.06% boost to the economy, should the prime minister's plan go ahead. Official numbers from European Employment Services (EURES) reveal how many public holidays people in European Union member states, Norway, Iceland, and Switzerland have. Euroverify also examined information from the UK government. When comparing these figures, Cyprus is the clear winner for the number of public holidays, ranking at the top with 15 days. It is followed by Bulgaria, Croatia, Iceland, Malta and Spain, which compete for second place with 14. At the other end of the spectrum, we see Germany, Denmark and the Netherlands with just nine public holidays. However, when the United Kingdom is split into its constituent countries, England and Wales are at the bottom with eight days. Scotland has nine and Northern Ireland has ten. The comparison means that, with 11 public holidays, France ranks fairly average among European countries as things stand, coming in alongside Greece, Hungary, Luxembourg, Slovenia and Sweden. However, getting rid of two days would rank it among the lowest. Holidays can vary by region and even year Nevertheless, in true European fashion, there are various caveats and exceptions to the number of holidays that certain countries have. For example, many countries contain regions that have different numbers of public holidays compared to the national amount. This is the case in Switzerland, where different cantons have different bank holidays, which can reach as high as 15. The French regions of Alsace and Moselle also get two extra days compared to the rest of the country, and the Portuguese islands of Madeira and the Azores have more days off than the mainland. Sometimes the number of public holidays in European countries can vary by year, and some have half days off for some public holidays. This is the case in Iceland, for example, which counts Christmas Eve and New Year's Eve as public holidays after noon. Additionally, while Euroverify has not counted public holidays that consistently fall on a Sunday, such as Easter Sunday, in its ranking, sometimes the way the weekends fall does affect how many days off a country gets. For example, France and other countries effectively lose a bank holiday if it falls on a weekend, whereas the likes of the UK provide "substitute days" in this case. In practice, it means workers will have the following Monday or Tuesday off if a public holiday happens on Saturday or Sunday. Has anywhere in Europe ever scrapped any bank holidays before? Bayrou's proposal to remove two public holidays isn't without precedent in Europe, and this can yield some insight into whether his plan would pay off. Most recently, Slovakia's government decided in June to stop giving 17 November (Day for the Struggle for Freedom and Democracy) as a day off, as part of a broader fiscal strategy not too dissimilar to the French proposals. The day will still be officially recognised, however. In 2023, Denmark abolished its Great Day of Prayer, celebrated on the fourth Friday after Easter, to try and boost labour output and defence spending. Although estimates from the International Monetary Fund said that it only increased the country's Gross Domestic Product (GDP) by 0.01-0.06%. Back in 2012, the Portuguese government announced that it would scrap four public holidays the following year as part of an austerity drive off the back of the financial crisis: All Saints Day on 1 November; Corpus Christi, 60 days after Easter; Republic Day on 5 October; and the Restoration of Independence Day on 1 December, celebrating Portugual's indepence from Spanish rule. The days were supposed to be suspended for five years, with those of religious significance having been negotiated with the Vatican. However, in 2016, the newly elected socialist government reinstated all four holidays early, overturning a deeply unpopular measure. It's not all about public holidays Official public holidays are, of course, only one measure of how much time workers in a European country get off. Europe in Motion reported in March that Andorra, Malta and Albania are the countries offering the most statutory annual leave across the continent, with France landing in the top half too. Bulgaria gives the most maternity leave in Europe, on the other hand, and Bulgarian primary school students get the most school summer holidays — 15 weeks — compared to their neighbours.
Saba Yemen
3 days ago
- Business
- Saba Yemen
Majority of French Citizens Want PM François Bayrou to Resign Over Austerity Budget Plan
Paris - Saba: A new opinion poll has revealed that over 59% of French citizens want Prime Minister François Bayrou to resign after he unveiled the 2026 draft budget this week, which includes sweeping austerity measures aimed at reducing the country's public deficit. The survey, conducted by Ipsos BVA for French radio station RTL and polling over 1,000 people between July 16–17, found that only 20% of respondents expressed support for Bayrou. Meanwhile, 44% favored dissolving the National Assembly, and 34% supported a motion of no confidence against the government. However, 41% said they were concerned about the potential collapse of the government. On Tuesday, Bayrou presented his plan to cut the public deficit by over €43 billion (approximately $49.8 billion) through a range of measures, including new taxes on the wealthy, decoupling pensions and social benefits from inflation rates, and cutting healthcare and local authority spending by more than €10 billion. He also proposed eliminating two public holidays, including Easter Monday and Victory in Europe Day (May 8). In response to the controversial proposal, both right- and left-wing opposition parties signaled the possibility of submitting a motion of no confidence that could bring down the government. In a separate poll conducted by Odoxa–Backbone Consulting for Le Figaro, 87% of respondents said the proposed budget would weaken their purchasing power, while 77% believed it would lead to a deterioration in the quality of public services. Whatsapp Telegram Email Print
Canada News.Net
3 days ago
- Business
- Canada News.Net
France may drop 2 holidays to plug 43.8 billion-euro budget gap
PARIS, France: French Prime Minister François Bayrou has ignited controversy by proposing to eliminate two public holidays as part of an ambitious plan to slash the national deficit by 43.8 billion euros (US$50.88 billion) next year. The move, aimed at restoring France's strained finances, could cost him his job. "The entire nation must work more to produce, to grow our economy, and to improve France's future," Bayrou said this week, outlining a package of spending cuts and revenue measures. Among the most provocative: eliminating two public holidays to boost productivity. Bayrou, a fiscal conservative known for his hawkish stance on public debt, faces steep political resistance. His proposal echoes a similar attempt in 2003, when then-Prime Minister Jean-Pierre Raffarin replaced the Pentecost Monday holiday with a "solidarity workday" to fund care for the elderly after a deadly heatwave. That reform led to chaos—some schools and offices stayed open, others closed, and confusion reigned over pay. Protests erupted, and Raffarin resigned just two weeks after a major EU referendum defeat. Bayrou, who took office in December and has already survived eight no-confidence motions, is walking a tightrope. With budget debates looming, opposition parties on both the far right and the left are threatening to oust him. "If Bayrou doesn't back down, we'll support a no-confidence vote," said Marine Le Pen, head of the far-right National Rally (RN), which holds the largest bloc in Parliament. Leftist leaders have also signaled support for toppling him. Public sentiment appears equally skeptical. A snap Harris Interactive poll found 70 percent of respondents opposed canceling two public holidays, while 61 percent rejected Bayrou's proposed freeze on welfare spending. "Everyone agrees sacrifices are needed," said 85-year-old Jean Claude Vie in Paris. "But is Bayrou making sacrifices himself? Maybe it's time he retired." The plan has also drawn fierce criticism for its symbolic implications. Labour Minister Astrid Panosyan-Bouvet hinted that companies might be asked to contribute more in exchange for longer working years, but offered no details. One of the holidays on the chopping block is May 8, which marks the end of World War II in Europe. CGT union leader Sophie Binet called the idea offensive, especially at a time when "the far right is knocking on the door of power." RN leader-in-waiting Jordan Bardella called the move "an attack on France's workers, values, and history." Still, not everyone opposes the plan. Economist Charles Wyplosz praised Bayrou's budget proposal in Le Monde, calling it "courageous and broadly sound." He estimated the loss of two public holidays could add four billion euros in economic value annually. But past attempts at similar reforms offer a cautionary tale. The Raffarin-era "solidarity day" still lingers in the French calendar—vaguely observed, poorly understood, and widely mocked as a "ghost holiday." As France's financial and political pressures mount, Bayrou's bold proposal may prove either a defining act of leadership or his political undoing.
The Star
5 days ago
- Business
- The Star
Explainer-French PM aims to soften opposition to his budget to avert new crisis
French Prime Minister Francois Bayrou leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, July 16, 2025. REUTERS/Abdul Saboor PARIS (Reuters) -French Prime Minister Francois Bayrou has to convince opposition Socialist lawmakers in the coming months to tolerate his 44 billion euro budget squeeze or he faces the risk of being toppled. Bayrou is bringing his 2026 budget to a fractured parliament where hard-left and far-right parties threaten no-confidence motions against him unless he makes major revisions. If he can convince the Socialists at least to abstain from backing such motions, Bayrou's minority government could get the budget through, however, meaning he must rewrite the legislation enough for them to stomach it. Politicians will be heading off for the summer break, with parliament in recess until Sept. 22, effectively giving Bayrou two months to try to soften the Socialists' resistance to his plans. BAYROU'S PROPOSAL Bayrou aims to reduce France's budget deficit, the biggest in the euro zone, from 5.4% to the European Union's 3% GDP limit by 2029. His 43.8 billion euro ($51 billion) package freezes most non-defence spending and eliminates two public holidays. Nearly 21 billion euros comes from limiting social and local government spending growth, with no inflation adjustments for public sector wages or welfare benefits. Another 10 billion euros targets high earners through a "solidarity" tax, restricts pensioner tax breaks, and cracks down on fraud. WHAT HAPPENS NEXT? While politicians debate the budget over their summer break, unions are considering strike action - the hard-line CGT is in favour while the moderate CFDT has not ruled it out. The September return from the summer recess promises to be particularly tense as parties stake out positions. Bayrou must finalise his budget bill by Oct. 1 when it is to be sent to lawmakers. Without a majority, he will likely at some point invoke article 49.3 of the constitution to adopt the budget without a vote, triggering inevitable no-confidence motions. His survival would depend on the Socialists' abstention. SOCIALIST DEMANDS Socialists demand a total budget revision, arguing that the spending freeze burdens average workers and pensioners while treating the wealthy with a light touch. They have criticised Bayrou's 4 billion euro tax increase on high earners as grossly insufficient. Bayrou has signalled a willingness to adapt, but he faces constraints from allies who think France's tax burden is already excessive. The Socialists are also against plans not to replace some retiring public workers and the scrapping of two public holidays. IF BAYROU FALLS Should Bayrou fail to placate the Socialists and fall, President Emmanuel Macron would have to find a new prime minister, as happened with Bayrou's conservative predecessor Michel Barnierin December. This would leave budget legislation in limbo during the formation of a new government, which could drag on in the absence of figures palatable to at least some parties. Alternatively, Macron could call snap legislative elections again, plunging France even deeper into political uncertainty. ($1 = 0.8592 euros) (Reporting by Leigh Thomas; Editing by Hugh Lawson)
