Tags: EU | France | Politics

French Prime Minister Vows to Bring Down Budget Deficit

French Prime Minister Vows to Bring Down Budget Deficit

Tuesday, 04 July 2017 11:38 AM

PARIS (AP) — French Prime Minister Edouard Philippe vowed Tuesday to bring the country's budget deficit under the European Union limit of 3 percent this year in his first major speech on the government's economic and social priorities.

Addressing lawmakers, Philippe announced expenses cuts and pledged not to raise taxes. He said France's debt has reached "an unbearable level," putting the country "at the mercy of financial markets."

Philippe faced a confidence vote at the National Assembly, France's lower house of parliament, later Tuesday. He should easily win it because President Emmanuel Macron's party has a wide majority after legislative elections last month.

"The truth is that when our German neighbors raise 100 euros in taxes and spend 98, we are raising 117 euros and are spending 125. Who can think this situation is sustainable?" he said.

Philippe pledged to stop increasing the number of state employees, to focus the French state on its main priorities and to stop spending money on policies that don't deliver efficient results.

Last week a report by the country's national audit office showed that the budget deficit could reach 3.2 percent, above the limit for the 10th consecutive year in 2017, if no measures were taken.

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French Prime Minister Edouard Philippe vowed Tuesday to bring the country's budget deficit under the European Union limit of 3 percent this year in his first major speech on the government's economic and social priorities.Addressing lawmakers, Philippe announced expenses...
EU,France,Politics
201
2017-38-04
Tuesday, 04 July 2017 11:38 AM
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