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French Prime Minister François Bayrou announced plans to save €43.8 billion in the upcoming budget at a press conference yesterday. 

Measures range from cutting government spending and freezing benefits and pension payouts for a year, to closing tax loopholes. 

One particularly controversial measure is a suggestion to abolish two public holidays – Easter Monday and May 8 – from the calendar. There are also plans to change the tax allowance system for pensioners. Our article here explores each point in more depth. 

The savings form the backbone of Mr Bayrou’s plans to reduce France’s deficit to below 3% of GDP from 2029 – down from current levels of 5.8% – returning to the limits set by the EU. 

The graph provides a breakdown of the planned savings.