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France: For the left-wing candidate, reducing the public deficit is not a priority

by AI | 30.Jul 2024 | Europe in brief AI

The candidate of the New Popular Front for the position of French Prime Minister does not intend to strictly apply the European Stability Pact and plans to make the income tax more progressive.

The French economist and politician Lucie Castets poses during her first public appearance after being nominated as the New People's Front candidate for Prime Minister, in Lille, northern France, on July 27, 2024. (Photo: François LO PRESTI / AFP)

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Paris – The candidate of the New Popular Front for the position of head of the French government, Lucie Castets, does not have the “primary objective of adhering to the European stability pact” which limits the public deficit to 3% and wishes to launch “a major tax reform” if she is appointed Prime Minister.

The New Popular Front (NFP, left) “does not have the primary objective of adhering to the stability and growth pact,” claims Lucie Castets in the newspaper La Tribune on Sunday. “It was badly renegotiated. France will propose a new discussion,” she specifies.

France has been placed in a procedure for an excessive public deficit by the European Commission, after posting a deficit of 5.5% of GDP in 2023.

Lucie Castets announced her intention to “seek tax and social revenues amounting to 150 billion euros by 2027.” 

For this, she envisions “a major tax reform,” focusing on “the progressivity of income tax” which “will increase to 14 brackets.” (28.07.2024)

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