Latest news with #VictoryinEurope
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First Post
6 days 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
7 days ago
- Business
- Local France
France's PM aims to lower deficit to 4.6% of GDP by next year
France is under pressure to bring its public deficit under three percent of GDP as required under EU rules. The centrist premier said the government aimed to bring the deficit down from 5.8 percent last year to below 4.6 percent next year and to under three percent by 2029. To achieve this, measures would include a freeze on expenses, except for debt servicing and the defence sector. Advertisement Bayrou also suggested making people work on Easter Monday and on May 8 th, a day that commemorates Victory in Europe at the end of World War II, though adding he was open to other options. However Bayrou's position remains fragile and his government could be brought down if enough MPs vote in favour of a motion of no confidence once the parliamentary budget debates begin in the autumn. President Emmanuel Macron on Sunday said defence spending should rise by €3.5 billion in 2026, and then by a further three billion euros in 2027. France has a defence budget of €50.5 billion for 2025.
LeMonde
15-07-2025
- Business
- LeMonde
French PM suggests slashing two public holidays as part of budget cuts
France's Prime Minister François Bayrou on Tuesday, July 15, proposed cutting two public holidays as part of a 2026 budget proposal to slash public spending while also increasing defense expenses. Bayrou suggested making people work on Easter Monday and on May 8, a day that commemorates Victory in Europe at the end of World War II, though adding he was open to other options. France is under pressure to bring its public deficit under three percent of GDP as required under EU rules. The centrist premier said the government aimed to bring the deficit down from 5.8% last year to below 4.6% next year and to under 3% by 2029. To achieve this, other measures would include a freeze on expenses, except for debt servicing and the defence sector. President Emmanuel Macron on Sunday said defense spending should rise by €3.5 billion in 2026, and then by a further €3 billion in 2027. France has a defense budget of €50.5 billion for 2025.
Powys County Times
22-06-2025
- General
- Powys County Times
Powys council pays tribute as UK marks Armed Forces Day
Powys County Council has paid tribute to members of the Armed Forces and their families ahead of this year's national day of recognition. The council has expressed its gratitude to UK service personnel as the country prepares to observe Armed Forces Day. This year's event carries added importance as it coincides with the 80th anniversary commemorations of Victory in Europe (VE) Day and Victory over Japan (VJ) Day. Councillor Matthew Dorrance, deputy leader of Powys County Council, said: "Armed Forces Day is a moment to reflect on the dedication and bravery of our Armed Forces. "I want to express my sincere gratitude to all those who serve and have served in uniform. "I am immensely proud of our servicemen and servicewomen – their commitment represents the highest form of public service." Cllr Dorrance, who also serves as the council's Armed Forces Champion and chairs the Armed Forces Covenant Regional Partnership Powys, added: "I encourage residents to take part in local events, fly the flag, and show their appreciation – whether by attending a parade, sharing messages of support on social media, or simply thanking a veteran or service member in your community. "Every gesture counts."
Edinburgh Live
14-06-2025
- Entertainment
- Edinburgh Live
Prince George's 'obsession' caught on balcony as lip reader spots comment to Prince William
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info Prince William enlisted the help of Prince George on the royal balcony after a question from King Charles, a lip reader claims. In royal tradition, the family gathered on the famous balcony for RAF flypast, which soared above The Mall and Buckingham Palace. The formation was also made visible to those across central London and surrounding areas, creating an unforgettable sight for all that looked on. Those in attendance included the monarch himself, Queen Camilla, Prince William, Kate Middleton and their three children; Prince George, Princess Charlotte and Prince Louis. According to expert lip reader, Jeremy Freeman, the couple's eldest son didn't hesitate when it came to naming one of the aircrafts that flew over them. Analysing the footage, he claims that while William and Kate were having a conversation, King Charles asked: "What is that?", as the family looked up to the sky. In response, the Prince Of Wales reportedly said: "Errr is that [a] Poseidon?", while looking at George. "It's a Poseidon, yeah," the young royal is said to have confirmed. This isn't the first time Prince George has shown his love for planes. When he was just a toddler, mum Kate revealed he was "obsessed" with the air cadets and wanted to join when he was older. And last month, at the royals' balcony appearance for the 80th anniversary of Victory in Europe (VE) Day, George's love shone through once again. As the event got underway, the young princes appeared to be chatting about the roaring aircraft surrounding them, as their mother listened in. Footage at the time showed Prince William, Kate and their children intrigued by one of the planes that flew over their heads. According to Jeremy, Kate said: "Watch this one", to which Louis replied: "Ooh, that's cool". George then reportedly helped his little brother with identifying the aircraft, by saying: "That's a Globemaster," while pointing to the plane. Louis responded: "That was great", and according to the lip reader, Prince William also echoed his words. George is said to have then further expressed his admiration for the planes by urging his mother to: "Check that one". Kate, in response, said: "Oh, there it is.' Last year, it was reported that Prince George had been seen taking up flying lessons. The Sun claimed that William and Kate looked on as he made his debut from White Waltham Airfield near Maidenhead, which lies around ten miles from the family's home. An onlooker said: "He loved it. It's the right time to start." Another claimed: "The Royal Family has a proud tradition of flying and it looks like George is next in line. "His parents watched George take flight from the safety of the ground but he flew with an instructor and loved it."
