Lécornu, France's Prime Minister, holds discussions on budgetary tightening measures with the Socialists - French Prime Minister Lecornu engages in discussions with Socialists over cost-cutting policies
In the heart of French politics, a new prime minister, Olivier Faure, has taken the helm, promising a shift in focus towards "more tax fairness" while ruling out the controversial Zucman tax.
Faure, the leader of the Socialist Party (PS), is playing a pivotal role in the ongoing budget negotiations, acting as a key opposition figure. He is resisting negotiations with the government, demanding an end to harsh austerity measures, higher taxes on the wealthy, greater purchasing power, and a genuine ecological transition.
The PS's stance has been evident in their recent actions. They presented a survey to Prime Minister Lecornu, showing 86% support for a 2% wealth tax on assets over 100 million euros, known as the Zucman tax. However, Faure's counter-proposal aims to save only 22 billion euros, targeting large companies and the super-rich more heavily.
The PS is also using their position as a swing vote to secure concessions from the government. The details of the budget compromise or specific concessions are not yet clear, but the PS's demands are putting pressure on the government to reconsider its austere budget plans.
Meanwhile, the ousted Prime Minister François Bayrou aimed to save 44 billion euros, a significant contrast to Faure's proposals.
The ongoing negotiations have not deterred the French workforce. A massive turnout is expected for the strike called by trade unions on Thursday. Many teachers have announced their participation, with at least 90 schools in Paris remaining closed. Lorry blockades and numerous train cancellations in regional services, as well as severely restricted metro services in Paris, are also expected during the strike.
In a move to reduce the privileges of former prime ministers, Prime Minister Faure has announced plans to abandon the proposal to scrap two public holidays. Contrastingly, he has confirmed that former prime ministers will still be entitled to official cars and drivers for at least ten years, according to a publication in the Official Journal on Thursday.
Amidst these negotiations, Prime Minister Lecornu has maintained a firm stance, ruling out the Zucman tax. The future of the government's budget plans remains uncertain, with the PS's role as a swing vote being crucial in determining their success. If the PS decides not to support a vote of no confidence, the votes of left and right populists combined would not be enough to topple the government again.
The stage is set for a dramatic week in French politics, with the fate of the government's budget plans hanging in the balance. The negotiations between Prime Minister Faure and Prime Minister Lecornu will undoubtedly shape the future of France's economic landscape.
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