Budget reviews cover all phases of the budget process and may emphasise specific aspects of the budget process in view of the country’s own reform agenda. Most of the new funds were to aid small companies and workers through four weeks of a new confinement announced by President Emmanuel Macron. RFI is not responsible for the content of external websites. The previous budget revision topped up a relief fund for the coronavirus lockdown to 110 billion euros, most of it going to furloughs and to tax deferrals for companies. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps. This includes 15 billion euros in recovery funds for the air industry, announced Tuesday, as well as 8 billion for the auto sector and 18 billion for tourism, announced in May. France's government unveiled a draft 2020 budget on Thursday with more than nine billion euros in tax cuts for households as it hopes to move on from on … You can change your choices at any time by visiting Your Privacy Controls. France’s governement was set to propose an additional 20 billion euros in Covid relief funds as part of its fourth revised budget of 2020 on Wednesday. Yet Macron has abandoned his pledge of slashing 50,000 central government jobs during his five-year term, saying that only 10,500 would be now be cut. Government spending jumped 10 percent from a year earlier to EUR 328.9 billion. France's government budget deficit increased to EUR 161.6 billion in the first nine months of 2020 from EUR 109 billion a year earlier, amid efforts to support the economy hit by the coronavirus crisis. Macron, who swept to the presidency in 2017 with a pledge to get the country back on a solid financial footing, was caught short by the "yellow vest" movement which accused the former investment banker of ignoring the day-to-day struggles of many French. France 24 is not responsible for the content of external websites. However the government revised its growth forecast for next year down to 1.3 percent. The government forecast next year's deficit ratio falling to 2.2 percent, still short of the previous goal of two percent. With a long recession on the horizon, France’s government is to detail its third revised budget since the beginning of the coronavirus crisis on Wednesday, as French media reported the government was planning to lift coronavirus emergency laws but retain some exceptional powers. The spending was based on an updated economic forecast predicting the economy would shrink by 11.4 percent in 2020, with debt reaching 120.9 percent of GDP by the end of the year. He also defended European Central Bank chief Mario Draghi, who has come under heavy criticism in some circles, including Germany, for unleashing a huge stimulus package aimed at propping up the eurozone economy. The government has already indicated that defence and security spending will increase next year, offset by cuts at the finance and budget ministries, and reduced funds for local authorities. Sources in the prime minister’s office told French media the government was preparing to discontinue emergency health laws that allowed it to close establishments and limit movement and public gatherings. Budget Minister Gerald Darmanin said this week that the creation of a pay-as-you-go income tax system, which did away with self-reporting months after the fiscal year-end, had brought a two-billion-euro windfall to state coffers. France 24 - International breaking news, top stories and headlines. And France's debt mountain will barely budge next year from 98.7 percent of GDP -- far above the 60 percent or less demanded of eurozone members. The new budget would increase the deficit by 13 billion euros, of which 5 billion would continue furloughs for temporary laid-off workers, 1 billion would help business to hire trainees and 4.5 billion would go to local councils. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. "Germany must invest and invest now, the sooner the better," he said. "The government abandoned its strategy of reducing France's structural deficit in the aftermath of the yellow vests," Charles de Courson, an independent lawmaker respected on both the right and left for his public finance acumen, told AFP. Le Maire called on Germany to invest to prevent the flagging eurozone economy from getting worse. To get the French Government Budget figures for 1848-49 in perspective we have to have some idea of how large the total French economy was at the time and what proportion of that went through the hands of the French state (central, departmental, and communal). "We have a European economy that's slowing quite rapidly, and you're not going to reverse this by cutting back even more," he told AFP. "We support the courageous decision made by the ECB and its president," he said. The "social crisis" brought on by the protests, as well as a slowdown in global economic growth, "led us to make decisions that encourage investment and consumption", Economy Minister Bruno Le Maire said as he unveiled the draft 2020 budget. France's government unveiled a draft 2020 budget on Thursday with more than nine billion euros in tax cuts for households as it hopes to move on from on from roiling "yellow vest" protests while still cutting the deficit to within EU limits. The content you requested does not exist or is not available anymore. These would include the ability to limit circulation of people and vehicles, to make compulsory the wearing of protective face masks on public transport, to close buildings, including concert halls and shopping centres, and to ban public gatherings, including protests and demonstrations. "Do not wait for the economic situation to worsen to make the necessary decisions.". A budget organised around 4 priorities. This statistic shows the government revenue and spending in France from 2014 to 2018, with projections up until 2024. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Nevertheless, the fiscal relief has helped sustain French growth, expected to reach 1.4 percent this year even as EU economic powerhouse Germany risks falling into recession. It follows the Bank of France's prediction of a 10 percent retraction of GDP, reflecting notably a 9 percent drop in consumption. The emergency laws, activated on 23 March and extended on 11 May, allowed the government to issue decrees limiting movement and public gatherings as well as openings of public and private buildings on the pretext of slowing the spread of Covid-19. “For eight months, the state has provided massive, immediate and total support to French people, businesses and employees,” Le Maire told MPs in a defence of the government's economic response to the epidemic on Tuesday. Find out more about how we use your information in our Privacy Policy and Cookie Policy. In France, the Government formed in 2017, supported by a robust parliamentary majority, After months of street protests that often spiralled into rioting and battles with police, Macron unveiled tax cuts, wage increases and other measures for low-income households. Issued on: 10/06/2020 - 10:42. French government to present third budget of Covid crisis, end emergency laws. Ahead of the budget proposal, Le Maire defended the government's record of economic aid in the National Assembly, the lower house of parliament. But the sources said the government is preparing a new bill that would allow the prime minister to retain some of the exceptional measures until 10 November. Lowering compulsory deductions for all French citizens. The government has also pledged 300 billion euros in state-guaranteed loans that would only become public expenditure in the event of companies using them going bankrupt – no small concern, with the Bank of France predicting job losses and a recovery lasting nearly two years. © 2020 Copyright France 24 - All rights reserved. Senior Budget Officials and at the request of the country under consideration. 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Audience ratings certified by ACPM/OJD. The money for the yellow vests -- who are also demanding improved public services -- also makes it unlikely Macron will honour his campaign pledge of balancing the government's books in 2022. Yahoo is part of Verizon Media. The laws will expire on 10 July, given “the evolution of the health situation, which at this point is positive” according to remarks newspapers Le Monde and Le Figaro attributed to sources in the prime minister’s office. Audience ratings certified by ACPM/OJD. That includes five billion euros in tax cuts for some 12 million households already promised by President Emmanuel Macron, the result of a "great national debate" he held to try to address the ongoing protests. The measures are expected to push this year's deficit to 3.1 percent of gross domestic product, making France the only eurozone member to exceed the bloc's three percent limit -- even as countries like Germany, the Netherlands and Portugal are likely to post surpluses. The revision marked an increase of the 8 percent retraction the government predicted with the last revision in early April. Le Maire said this brings the total the state has put on the table to help weather the economic shock of the coronavirus to 460 million euros. The draft budget, which will be officially presented to the cabinet on Friday, will cut taxes for households by 9.3 billion euros ($10 billion) and businesses by more than one billion euros. French Finance and Economy Minister Bruno Le Maire said Wednesday morning the new revision was part of a “second phase of the response” to the coronavirus crisis, with the aim “to come to the rescue of all of the most threatened sectors” of the French economy. "France has chosen the right economic policies, even if it was forced to do so" because of the yellow vest revolt, said Philippe Waechter, chief economist at Ostrum Asset Management in Paris. A waiter wearing a face mask serves at Cafe de la Comedie in Paris as restaurants and cafes reopen following the coronavirus epidemic in France, whose government was preparing a new budget geared towards economic recovery on Wednesday. The content you requested does not exist or is not available anymore.
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