Le Maire Says France to Meet Deficit Goal Without Tax Increases

(Bloomberg) -- French Finance Minister Bruno Le Maire said the government will meet its objective of reining in the budget deficit without raising taxes, even as weak economic growth and disappointing tax revenues undermine its initial plans.

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“Taxes will not increase for French people,” Le Maire said on BFM TV on Friday. “We have a clear course to get the deficit below 3% of GDP by 2027 and it must be done seriously, with method and determination, but we mustn’t give in to fears or haste.”

An economic stagnation since the middle of last year has already sent plans to reduce the deficit off course. In recent weeks, Le Maire has announced plans for €10 billion ($10.8 billion) of emergency spending cuts and warned the budget deficit in 2023 was likely significantly above the government’s target of 4.9%.

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