2026 Budget: Public accounts in the red for 50 years
The GDP deficit of less than 3% in 2029 announced by François Bayrou is still a long way from the budgetary balance that France has not seen since 1974.
This text is a transcript of part of the interview above. Click on the video to watch the full interview.
From Raymond Barre to François Fillon, it's been an obsession of every government for the past half century: reducing the budget deficit . They all dream of being able to echo Valéry Giscard d'Estaing's words 60 years ago: "For 1965, we are presenting a balanced budget. That is to say, all of the state's expenditures will be covered by its revenues. And when I say all, I really mean all." Because since the politician left power, France has widened its deficit every year, without exception.
Some have managed to limit the decline, like Jacques Chirac and François Hollande, who raised taxes. Others have accelerated it, like Nicolas Sarkozy after the subprime crisis or Emmanuel Macron during the coronavirus epidemic. Once again this year, the government is sounding the alarm. "Every second that passes, France's debt increases by €5,000," declared François Bayrou. A deficit that now stands at 5.8% of GDP. The government would like to reduce this figure to 4.6%. François Bayrou's recent announcements aim to hold the government to this new target.
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