France will cut public spending only slightly next year and faces rising interest costs on its heavy national debt, raising questions about the government’s ability to clean up public finances.
The proposed 2024 budget unveiled on Wednesday includes €16bn of savings to reduce the deficit to 4.4 per cent of economic output from 4.9 per cent this year — which would still be above the EU rule of 3 per cent of gross domestic product that some other countries have managed to reach.
To achieve the savings, the French government said it would pare back generous subsidies that protected households from rising energy costs, delay tax cuts for corporations and trim unemployment benefits, among other measures.
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