France could see a political earthquake in the coming days as the far right National Rally gave the government a deadline of Monday to agree fresh concessions…
France could see a political earthquake in the coming days as the far-right National Rally party said the chance of a compromise over the 2025 budget looks increasingly slim.
France could see a political earthquake in the coming days after the far right National Rally party gave the government a deadline of Monday to agree fresh concessions over the 2025 budget, or face a vote of no confidence that it said it would support.National Rally , led by Marine Le Pen and Jordan Bardella, has failed so far to get most of its budget demands metwith Prime Minister Michel Barnier over next year's budget that involves 60 billion euros worth of tax hikes and spending cuts.
RN says the budget reduces the purchasing power of the French people and wants concessions on tax hikes that it says will affect households and businesses. Among its demands, the party is calling on Barnier to increase pensions in line with inflation in January, to boost support for smaller businesses and to ditch plans to reduce medication imbursements. The prime minister has already dropped a planned increase in electricity tax.
Nonetheless, they noted in emailed comments that Le Pen had to play a carefully calculated political game in the coming days. "This calculus suggests that Le Pen may still try to find a compromise with Barnier, sparing France a political and financial crisis this Christmas," they noted.Even if the 2025 budget passes by some"last-minute miracle," to borrow Bardella's phrase, economists note that it will be a short-lived reprieve from France's wider fiscal challenges.
If the budget fails to pass, Gallager said, Europe's financial markets would see heightened volatility.
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