French Fiscal Tightening: Lecornu's Bold Budget Cuts

French Prime Minister Sebastien Lecornu has mapped out an ambitious strategy to slash over 30 billion euros from the budget next year. The goal is to reduce the fiscal deficit to 4.7% of economic output, France's largest in the eurozone, according to a report by La Tribune.

The budget blueprint incorporates spending cuts and aims to bolster revenue with a new tax measure targeting holding companies frequently utilized by the wealthy. Surprisingly, the plan omits adjusting pensions and social benefits in line with inflation, a sensitive issue for many.

Lecornu, reappointed after a brief resignation, is the fifth prime minister under President Macron within five years. He is navigating a political minefield, facing two potential no-confidence votes. The outcome remains uncertain as he seeks enough support to endure the political storm.

(With inputs from agencies.)