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France’s Financial Strain Set to Intensify Amid Snap Election and Ambitious Spending Promises

France’s financial situation, already under the watchful eyes of ratings agencies, financial markets, and the European Union, is expected to face further challenges regardless of the results of the upcoming snap parliamentary election, which begins with the first round of voting on Sunday.

All major political parties have proposed new spending initiatives, but their strategies for funding these plans remain vague and often lack feasibility.

Polls suggest that the far-right National Rally (RN) is likely to lead, followed by the left-wing New Popular Front alliance, with President Emmanuel Macron’s Together coalition in third place.

The current administration had pledged to reduce the budget deficit from 5.5% of the Gross Domestic Product (GDP) last year to the EU’s target of 3% by 2027. However, this goal might be out of reach following the election, which will conclude with a second round on July 7.

Far-Right National Rally (RN) Proposals

If the RN forms a government, it plans to cut the value-added tax (VAT) on energy starting in July, a measure estimated to cost 7 billion euros for the remainder of this year and 12 billion euros annually. The RN claims this reduction will be funded by securing a 2-billion-euro rebate on France’s EU budget contribution, although the EU’s budget for 2021-2027 has already been finalized.

The RN also aims to increase revenue by imposing a levy on exceptional profits from power producers and replacing the tonnage tax on shipowners with standard corporate tax. However, this sector’s recent high profits are likely to decline.

Additionally, the RN intends to reverse a planned reduction in unemployment benefits scheduled for July, a move that the current government estimates would cost 4 billion euros.

Looking further ahead, the RN proposes indexing pensions to inflation, lowering the retirement age to 60 for those who started working at 20 or younger, exempting some workers under 30 from income tax, and raising salaries for teachers and nurses. The party also wants to proceed with cuts in local business taxes, which the current government had to suspend due to affordability concerns.

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Attempted Assassination at Trump Rally: One Dead, Former President Injured

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Calvin van der Spuy
Calvin van der Spuy
Calvin van der Spuy, a seasoned journalist with 8 years of experience, has dedicated his career to the relentless pursuit of the unbiased truth. At just 20 years old, Calvin's passion for journalism ignited at a young age, leading him to become a respected voice in the field. With a knack for uncovering stories that matter, Calvin's work is characterized by its integrity and commitment to factual reporting. He brings a fresh perspective to every piece, ensuring that his audience receives well-researched and accurate information. Calvin's dedication to maintaining journalistic standards makes him a valuable asset to any newsroom. In his journey, Calvin has covered a diverse range of topics, from local community issues to international affairs, always striving to shed light on the stories that need to be told. His curiosity and determination drive him to explore every angle, ensuring that no stone is left unturned. When he's not chasing leads or conducting interviews, Calvin enjoys engaging with his community and staying updated on the latest news trends. His friendly demeanor and approachable nature make him a trusted source for reliable news. Calvin van der Spuy continues to inspire with his unwavering commitment to truth and his passion for storytelling. His journey in journalism is a testament to the power of dedication and the importance of seeking the unbiased truth in today's ever-evolving media landscape.