Latest news with #EasterMonday
New York Post
an hour ago
- Business
- New York Post
French PM Francois Bayrou wants to cut public holidays to help economy — including one commemorating victory over Nazis
France's prime minister proposed on Tuesday the elimination of two public holidays from the country's annual calendar — possibly Easter Monday and the day marking the Allied victory over the Nazis — to save money in next year's budget. 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. Advertisement 3 French Prime Minister Francois Bayrou proposed the elimination of two public holidays from the country's annual calendar to save money in next year's budget. AFP via Getty Images 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. Advertisement 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. 3 President Emmanuel Macron tasked Bayrou with crafting a budget that shaves costs to bring down France's staggering debt and deficit, according to reports. REUTERS 3 Bayrou 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. REUTERS Advertisement 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 a compromise on the budget.
Spectator
3 hours ago
- Business
- Spectator
Bayrou will regret his plan to scrap French bank holidays
The Prime Minister of France announced his plan on Tuesday to balance the country's books: his most eye-catching intention is to scrap two public holidays. In addressing the nation, Francois Bayrou warned that France's out-of-control public spending has left the country in 'mortal danger'. It was imperative to reduce the public deficit by 43.8 billion euros by 2026, explained Bayrou. 'It's the last stop before the cliff, before we are crushed by the debt. It's late, but there is still time.' The holidays Bayrou wants to jettison are Easter Monday and 8 May (VE Day), two of the eleven annual public holidays in France. Britain has eight. Mr Bayrou said Easter Monday 'has no religious significance', a view that might be contested by some. Meanwhile, his desire to scrap VE Day was denounced by Jordan Bardella, the president of the National Rally, who said it was 'a direct attack on our history, our roots, and on working France'. This is a familiar theme for Bardella. In a speech on 1 May this year, he declared that 'the France that works feels like it is being sacrificed'. He is attempting to pitch his party as the one that represents the hard-working, law-abiding, tax-paying people of France, as opposed to the left, which props up the welfare state, and Emmanuel Macron's centrists, who are interested in keeping the rich and the retired in the manner to which they have become accustomed. Certainly, a growing number in France believe that too many people are milking the country's generous social welfare model. A survey earlier this year found that 76 per cent agree that 'there is too much welfare in France', and that the model 'does not encourage people to make an effort'. On Tuesday, Bayrou said everyone must make an effort to save the country from going the same way as Greece fifteen years ago. 'We must never forget the story of Greece,' he warned. France's public debt has reached 114 per cent of the country's GDP, nearly double the 60 per cent limit set by the EU. Only Greece and Italy have more debt among the 27 EU nations. Bayrou's objective is to reduce the public budget deficit from 5.8 per cent of its GDP in 2024 to 4.6 per cent in 2026. As well as scrapping two public holidays, Bayrou announced a freeze on the scales used to calculate taxes, welfare benefits and pensions in 2026. There will also be a freeze on government spending, except for the military budget. On Sunday, Macron unveiled a plan to boost defence spending in the next two years by €6.5 billion (£5.6 billion). Bayrou has also told local authorities to reduce their spending in 2026 by €5.3 billion (£4.6 billion) and there will be a €5 billion (£4.3 billion) reduction in the country's healthcare budget. The Prime Minister also said that the retired would be required to do their bit. This will entail abolishing the 10 per cent tax allowance for pensioners and instead introducing a deduction of €2,000 (£1,730) for all pensioners. The Finance Minister, Eric Lombard, appeared on television last night to explain in more detail some of the new measures: For all pensioners who are at the beginning of the tax scale…their taxation will drop. To compensate, the taxation of pensioners earning more than €20,000 (£17,300) a year will be slightly increased, which is a measure of social justice. Lombard reiterated Bayrou's warning about the gravity of the situation, blaming it on the fact that 'we haven't had a balanced budget in fifty years'. This situation has benefited baby boomers, who in recent years have come to be increasingly resented by millennials. They are held responsible for overseeing the economic, social and cultural decline of France, now enjoying lives of luxury while their children and grandchildren suffer the consequences. This is a generalisation but one with a kernel of truth: this resentment has crystallised in recent months into a social media meme: 'It's Nicolas Who Pays'. Nicolas is a millennial in full-time employment who pays exorbitant taxes in order that boomers can enjoy a comfortable old age. This has led to what many in France now describe as a 'war of generations' between the two age groups. Is it boomers who are to blame or successive governments who have pandered to the most powerful demographic? One in three registered voters in France are retirees, and one in two are those who vote in elections. In the last two presidential elections, the over 65s have been key to Macron's success; in 2017, 80 per cent voted for him over Marine Le Pen. It would be political suicide to alienate this demographic. But Bayrou has also taken a huge gamble in once again demanding a sacrifice from 'Nicolas' and his generation. The National Rally and the left have both expressed opposition to his plan and threatened to pass a vote of no confidence in the government. It's not just France in 'mortal danger'. So is Bayrou.
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First Post
4 hours ago
- Business
- First Post
Too many days off? Can France afford the holidays anymore?
France's public debt has reached €3.3 trillion, or 114 per cent of GDP, with annual interest payments projected to hit €100 billion by 2029. Prime Minister François Bayrou's 2026 budget proposes cutting two national holidays, freezing welfare, healthcare and civil service pay, and reducing the deficit from 5.8 per cent to 3 per cent by 2029 to avoid a Greek-style financial crisis read more French Prime Minister Francois Bayrou leaves following the weekly cabinet meeting at the Elysee Palace in Paris, France, July 16, 2025. File Image/Reuters France's long-standing tradition of public holidays is under the lens as Prime Minister François Bayrou unveiled a sweeping fiscal consolidation plan that includes the removal of two national holidays. The measure, part of a broader €43.8 billion deficit-reduction strategy, aims to address the country's deepening financial crisis and increasing investor unease over French public debt. During the presentation of the 2026 budget in Paris, Bayrou outlined a series of fiscal corrections targeting what he described as France's 'addiction to public spending.' STORY CONTINUES BELOW THIS AD Central to this effort is the call to scrap two public holidays — Easter Monday and May 8, Victory in Europe (VE) Day — in order to boost national productivity and reduce economic downtime during the spring period. 'This is the last stop before we hit the cliff and are crushed by debt,' Bayrou warned. 'The entire nation must work harder to produce more and ensure that the country's overall activity is greater throughout the year.' France's budget crisis France's economic indicators have become a source of concern for both domestic policymakers and international financial institutions. The national debt has escalated to €3.3 trillion, representing 114 per cent of GDP — placing France among the most indebted economies in the European Union. The budget deficit, currently at 5.8 per cent of GDP, exceeds the 3 per cent limit set by EU fiscal rules. Bayrou's administration seeks to reduce this shortfall to 4.6 per cent in 2026 and reach compliance with the EU's 3 per cent ceiling by 2029. However, without aggressive reforms, interest payments on France's debt are forecast to climb dramatically, reaching €100 billion annually by the end of the decade — outpacing even the military budget. For 2025, debt servicing alone is projected to consume €60 billion, a sum nearing the defence allocation. With public borrowing costs increasing, France has found itself paying significantly higher yields on its sovereign debt. STORY CONTINUES BELOW THIS AD The spread between French and German 10-year bonds recently held near a three-week high at around 70 basis points, reflecting investor anxiety about both financial mismanagement and political instability. What Bayrou has proposed In addition to the proposed holiday reductions, Bayrou's fiscal blueprint includes a comprehensive freeze on non-defence public expenditures. Welfare payouts and pension benefits will be held at 2025 levels. Healthcare funding is slated for a €5 billion cut, while hiring in the civil service will be sharply limited — only two out of every three departing government employees will be replaced. The French prime minister also intends to restructure public sector operations by closing or downsizing what he called 'unproductive' state agencies. Government salaries, including those of public servants and staff in public institutions, will be frozen across the board. At the same time, President Emmanuel Macron has insisted that military spending continue to rise to meet growing strategic threats. Defence funding will increase by €3.5 billion in 2026, with additional increases planned for 2027 — a reflection of France's positioning in an increasingly tense geopolitical environment, particularly concerning Russia. STORY CONTINUES BELOW THIS AD Holidays at risk: Easter Monday and May 8 Bayrou has pointed to Easter Monday and Victory Day (May 8) — both deeply ingrained in the national calendar — as likely candidates for removal. These holidays, he suggested, fall within periods that already have excessive days off, especially in May, which includes Labour Day and Ascension Day. He referred to the month as resembling 'a veritable Gruyère,' comparing it to Swiss cheese full of holes. 'It's the entire country going back to work on a day it hasn't worked for a long time,' Bayrou said. The goal, he added, is to increase productive work days and generate billions of euros in additional economic output. However, Bayrou acknowledged that these holidays were merely initial suggestions and expressed openness to other options. France currently observes 11 official public holidays annually, the same as the United States. Historically, attempts to alter holiday schedules in France have met with fierce resistance. A prior attempt in 2003 to cancel Ascension Day following a devastating heatwave led to widespread protests and was ultimately abandoned. 'An attack on our history' Right-wing and left-wing leaders alike have denounced the plan as an affront to national heritage and an attack on working-class citizens. 'Cancelling two holidays is a direct attack on our history, our roots and on working France,' declared Jordan Bardella, leader of the far-right National Rally, the largest individual party in France's lower house. STORY CONTINUES BELOW THIS AD His parliamentary group firmly rejected the idea, vowing not to support what he described as an act of provocation. Jean-Luc Mélenchon, head of the radical left France Unbowed (LFI), called for Bayrou's dismissal, stating, 'It's time to expel Bayrou' and 'end this destruction, these injustices.' Fabien Roussel of the French Communist Party labelled the budget 'an organised hold-up.' The Socialist Party also joined in the criticism. Senior MP Boris Vallaud condemned the government's approach as unjust and economically misguided: 'Asking always more from those who have little, and so little from those who have much, is neither serious, effective, nor just.' Marine Le Pen, speaking as head of the National Rally's parliamentary group, added, 'This government prefers to turn on the French people, working people and retirees, rather than tackle waste.' Bayrou, however, has stood firm. He believes that while these measures may be unpopular, they are essential. 'Everyone will have to contribute to the effort,' he said. STORY CONTINUES BELOW THIS AD 'The entire nation has to work more so that the activity of the country as a whole increases, and so that France's situation improves.' Political gamble for Bayrou Bayrou's position is precarious. Appointed after his predecessor Michel Barnier was brought down in December last year by a no-confidence motion over similar fiscal plans, Bayrou now leads a minority government with no clear majority in Parliament. The snap election called by Macron last year led to a hung legislature, and the prime minister must now navigate competing demands from rival factions on both the left and right. The budget proposal presented this week is only a preliminary outline. A detailed draft is expected to be submitted to Parliament by October. Without cross-party support, however, Bayrou faces a real risk of another no-confidence vote. Mujtaba Rahman, head of Europe operations at Eurasia Group, noted, 'Bayrou has gone for broke, knowing full well these measures have little chance of passing.' Should Bayrou fail to find consensus, France may enter yet another cycle of political instability. For now, Bayrou remains adamant that without significant changes — including sacrifices like working on previously sacred holidays — France risks repeating the mistakes of other indebted nations. STORY CONTINUES BELOW THIS AD 'We should never forget what happened to Greece,' he said. With inputs from agencies
Local France
5 hours ago
- Business
- Local France
Why France's PM has Easter Monday public holiday in his sights
He made the proposal – among others – in a press conference this week outlining his plans to get a grip on the country's public spending. READ ALSO French prime minister calls for scrapping of two public holidays in austerity budget Two holidays could be removed from the calendar, if Bayrou's proposal of budgetary measures planned to cut more than €40 billion from the annual government bill , gets the go-ahead. According to a Senate report published last September, cancelling one public holiday would generate €2.4 billion a year. First the caveats - the PM's position is weak and it's far from certain that he will manage to get his proposals passed (or even remain in office past the autumn). There's also a suggestion that the axing of the holidays is part of his negotiation tactics, designed to be dropped if the opposition will accept his other financial proposals. And then there's the fact that Bayrou himself said that his proposed dates of May 8th (VE Day) and Easter Monday were only "suggestions" when it comes to which holidays to scrap. Advertisement But even with all that, there was surprise that he singled out Easter Monday, especially when France has much less well-known Christian festivals within its holiday calendar (Ascension, Assumption and All Saints' Day, anyone?). France is officially – and proudly – a secular state. But its Catholic past is evident in the number of public holidays linked to religious celebrations: Easter Monday, Ascension, Pentecost, Assumption, All Saints, and Christmas Day make up six of the country's 11 public holidays. Meanwhile those who live in the historic Alsace Lorraine region get two more - St Stephen's Day on December 26th and Good Friday. Easter Monday was added to the list of religious holidays during the time of Constantine – the first Christian Roman emperor, who ruled over a territory stretching from present-day England to Egypt. He chose to impose eight consecutive holidays — an octave — after Easter. This was a time dedicated to commemorating the resurrection of Jesus Christ and to pilgrimages to Rome. Over the centuries, this tradition became established in many Christian countries – including France. At least until 1801, when Napoleon signed a treaty with Pope Pius VII which gave the consul the power to reorganise the practices of the Church in France. Faced with the economic difficulties that were undermining the country at the time, Napoleon Bonaparte sought ways to boost production. The abolition of public holidays was one such measure. He chose to abolish seven of the eight post-Easter holidays, leaving Easter Monday as the last one standing. More than two centuries later, Bayrou - a practising Catholic - is contemplating a similar reduction in the public holiday calendar, and for the same reasons. Easter Monday, he insists, has no "religious significance" today. While he didn't go into further detail in his speech, he may have a point on the religious front. Good Friday and Easter Sunday are the key dates for Christ's crucifixion and resurrection, which are the whole point of Easter. Easter Monday is merely the rump of a pilgrimage tradition dating back around 1,600 years. Advertisement These days, although the shops fill up with chocolate eggs and other treats, Easter is not an especially well-celebrated festival in most of France. There are church services for the devout, while local municipalities also organise special events over the Easter weekend such as egg hunts or markets. Meanwhile one town in southern France makes an enormous omelette, in a tradition dating back to Napoleon (yes, him again. It's The Law that all articles on French history reference Napoleon at least once). READ ALSO : Flying bells and giant omelettes: 8 ways the French celebrate Easter✎ Unlike in the UK, where the spring school holidays are scheduled around Easter, in France sometimes schoolchildren are on holiday over Easter and sometimes they aren't, depending on when Easter falls in a particular year. In what seems to be a failed effort to avert public anger, Bayrou has said he is open to discussion about the public holidays that may be abolished. The same applies to May 8th, the date that marks the surrender of Nazi Germany and the end of World War II in Europe in 1945. 'These are proposals. I am willing to accept or consider others. If other ideas come up, they are welcome,' he said. Bayrou is convinced that 'this change to our public holiday calendar will bring several billion euros into the state budget simply because businesses, shops, the civil service and the nation will be working and our productivity will improve.'
Local France
5 hours ago
- Business
- Local France
OPINION: Bayrou's budget has infuriated everyone and may force France into fresh elections
A freeze on all public spending, except on defence; no inflation-linked rise in pensions or welfare payments; a tax on the super wealthy; and - just to make sure the whole country was furious - the abolition of two public holidays . This was an ambitious programme for a powerful prime minister with a large parliamentary majority and several years to impose his will before the next election. Bayrou is the most unpopular Prime Minister for 60 years. He heads a quarrelsome coalition with a minority of seats in the National Assembly. His chances of surviving the Autumn as France's fourth prime minister in 20 months are small – and smaller after Tuesday's speech. What was he trying to achieve? To end his 40-year career in French politics guns-blazing as the man who was right but ignored? Advertisement Bayrou's office rejects that interpretation. They say Tuesday's speech was aimed over the heads of politicians at an 'ordinary France' which understands that a proud, independent country can no longer afford to add to its Himalaya of €3.3 trillion of public debt. The Prime Minister believes, they say, that the predictable rejection of his plan by oppositions of both Left and Far Right was just the beginning of a long negotiation. Bayrou plans to take no summer holiday. He believes that public opinion will come to his rescue. His maximalist plan to cut the 2026 budget by €43.8 billion can be sold in amended form, he believes, to the Socialists if not the Far Right. The abolition of Easter Monday and May 8th as public holidays was intended to concentrate minds but fall away in the final negotiation. This is the theory. There were no clear statements of support from the parties of the minority Centre and Centre-right coalition, other than Bayrou's own Modem. This is the Prime Minister's strategy alone. His days are probably numbered and two numbers will decide his fate. The first number is €43.8 billion. The Prime Minister is right to say that France needs to cut a large chunk from its deficit next year. But how can he or any other Prime Minister hope to correct 50 years of profligacy with no majority in the National Assembly? The second number is 289. How can Bayrou avoid a censure motion in the Assembly in the autumn – 289 votes out of 577 are needed – when the mutually-detesting opposition groups of Left and Far Right seem determined to bring him down? Bayrou's predecessor Michel Barnier survived only three months before he was toppled by his attempts to pass a deficit-cutting budget for 2025. Bayrou's career as PM will almost certainly be terminated by his attempts to pass a budget for 2026. What will President Emmanuel Macron do then? He could call a new parliamentary election but that would solve little. He is more likely, I believe, to appoint a new Prime Minister – the fifth in less than two years – to try to pick a new way through the parliamentary-budgetary morass. Advertisement Only if that fails will Macron feel obliged to call a new legislative election late this year or in the spring (disrupting the important, municipal elections due in March). None of the main players - whatever they may say - wants a new national election before the Presidential poll of April-May 2027. President Macron was badly burned politically by his calamitous decision to hold a snap election last June and July. He thought he was going to be forced into an election within a couple of months anyway by the manoeuvres of the centre-right group in the National Assembly. He recovered his power to dissolve the assembly last week after a constitution-imposed 12 months delay. He will be very reluctant to use that power again but may eventually have little choice. The Left does not want a new election, whatever they may say. It would be difficult for them to reassemble their successful electoral alliance, the New Popular Front. They would risk losing many of the seats that they won last year. Both Jean-Luc Mélenchon's hard left La France Insoumise and the divided Socialists would rather concentrate on the local elections of 2026 and presidential elections of 2027. Advertisement So why risk an election by censuring Bayrou and whoever succeeds him? The hard left is addicted to censure motions and its extreme anti-Macron rhetoric. Compromise is not in their nature. The Socialists made a temporary deal with Bayrou to allow the 2025 budget to pass in February. Bayrou believes that he can appeal to their patriotism and good sense. The more radical wing of the party won its leadership election last month. They are not in the mood to rescue Bayrou - and face up to France's profound budgetary problems – again. Marine Le Pen's Far Right might do well in a new election. She does not want one all the same. She would be banned from running again for her seat in Hénin-Beaumont near Lille after her five-year suspension from electoral office for embezzling EU funds last March. She would rather wait for the outcome of her appeal next summer. A parliamentary election before then might tilt the balance of power within the Rassemblement National towards her Number Two, Jordan Bardella. So why would Le Pen risk an election by censuring Bayrou and whoever succeeds him? She has painted herself into a corner. She has rejected in advance almost all workable means of cutting France's budget deficit. She wants no freeze in pensions or social spending; no tax rises; no cuts which effect the middle classes. Her parliamentary party and electoral base would be furious if she crossed these red lines. In sum, no one wants a new parliamentary election so close to 2027. Not the politicians. Not the electors. We may sleep-walk into one all the same. To solve a budgetary problem which is a half-century in the making needs either a courageous government with a parliamentary majority or an opposition ready to negotiate on the deficit in good faith. France has neither.
