French Corbyn? Macron’s election promises DESTROYED as he’s told France needs AUSTERITY…(Time For A Revolution In France!!)
EMMANUEL Macron’s dreams of ramping up spending to fund his election campaign pledges were shut down today after a French watchdog warned he could bankrupt France.
By SIMON OSBORNE
Express.co.uk
Fri, Jun 30, 2017
The Court des Comptes said the country’s government will have to slash spending if it is to meet its European Union budget deficit limits this year and the President’s plans to increase spending will have to be put on ice.
Officials said the deficit target of 2.8 per cent of Gross Domestic Product set by Francois Hollande’s socialist government was “out of reach” and warned France’s public finances were in worse shape than most other European countries.
The watchdog’s warning is the first reality check for Mr Macron and underlines the challenge he faces to restore France’s credibility in Brussels and Berlin while fulfilling his campaign pledges to modernise the welfare state and reinvigorate the economy.
He was the only candidate who promised to stick to the three per cent deficit rule but the starting point, which is worse than expected, could force the president to delay or curtail his spending plans and proposed tax breaks.
It means his bid to reform the labour market – which he had based on a major training scheme for the unemployed and an expansion of social protection for new categories such as the self-employed – could already be heading for the rocks.
Economist Bruno Cavalier told the FT: “The government seems intent on implementing structural reforms and has all the political means to do so, but there’s a hole in the rack.
“Macron is more than vague about public spending. He is starting his term with excellent economic conditions, but also with a fiscal constraint that has never been stronger.”
The Rest…HERE
