Protestors Flood the Streets of France in Mass Demonstration Against 2026 Budget Proposals, Numbering Over Half a Million Participants
In the heart of Paris, thousands of protesters took to the streets on Thursday, voicing their discontent with the latest budget plans proposed by President Emmanuel Macron and his new Prime Minister, Sébastien Lecornu.
The protests, coordinated by eight unions across the country, saw about 55,000 people in Paris, according to local and national authorities. However, the CGT union claimed that over a million people participated in the demonstrations. About 140 arrests were reported by the interior ministry during the afternoon of the protests.
The unrest stems from the proposed budget-tightening efforts led by President Macron, which aims to reduce the state debt by approximately 20 billion euros annually. Sébastien Lecornu, a supporter of President Macron's party, Renaissance (formerly La République En Marche), is yet to name his government or outline how much of the previous Prime Minister, François Bayrou's draft budget, he plans to keep.
The initial protests were organised against Mr. Bayrou's fiscal plans, which included unpopular measures like scrapping two bank holidays and maintaining Mr. Macron's pension reform that raised the retirement age to 64. These measures, it seems, have struck a nerve with the French public, leading to the evolution of the movement into a general expression of discontent with Mr. Macron.
The protests are expected to bolster the centre-left Socialist Party, whose support Mr. Lecornu needs to pass a budget. The Socialist Party has proposed a more modest deficit reduction plan of €22 billion, primarily through imposing a large wealth tax. Olivier Faure, Socialist leader, stated that the French people feel unheard despite voting and protesting. He suggested the need for a new approach.
France's debt-to-GDP ratio reached an alarming 113% in 2024, a figure comparable to that of Italy and Greece. This financial strain, coupled with the unpopularity of certain fiscal measures, has fuelled the ongoing protests.
The borrowing costs in France are now comparable to those of Italy and Greece, a stark contrast to the country's economic standing just a few years ago. The protests put pressure on Prime Minister Lecornu as he navigates the delicate task of balancing the country's finances while addressing the concerns of the French public.
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