Minister Laurent Saint-Martin announces that he will present the text “in two weeks”

The new Minister for the Budget and Public Accounts, Laurent Saint-Martin, announced on Wednesday, September 25, that he would present the draft budget for 2025. “in two weeks” before Parliament on October 9. Heard by the Finance Committee of the National Assembly, he recommended “priority” a reduction in spending to clean up public finances.

“We will not straighten out our public finances by reducing public spending on the one hand and increasing the tax lever on the other at the same time, it will not work.he told MPs. We will straighten out the accounts by reducing our expenses first and foremost.”

The French public deficit “risk of exceeding 6% of GDP” in 2024, “according to the latest estimates we have”against 5.1% initially expected, Laurent Saint-Martin also declared. “Yes, the situation of our public finances is serious”he commented, explaining it by tax revenues “less significant than expected” and local authority expenditure “higher than the trajectory predicted”.

For his part, the Minister of Economy and Finance Antoine Armand, also present at this hearing, announced that France had obtained from Brussels an extension until October 31 to present its multi-year trajectory of public finances. This was initially expected on September 20.