The French government has pledged to cut another €10bn out of this year’s budget as weaker economic growth makes its earlier fiscal plans untenable.
With much of Europe stuck in a period of sluggish growth, the French economy is expected to expand only 1 per cent this year, according to revised government forecasts released on Monday, down from the 1.4 per cent that had been the basis for the 2024 budget.
“Lower growth means lower tax receipts, so the government must spend less,” finance minister Bruno Le Maire said in a news conference announcing the new measures.
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