(Bloomberg) -- Prime Minister Michel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France’s massive budget...
-- Prime Minister Michel Barnier opened the door to taxing wealthy individuals and large companies in a bid to repair France ’s massive budget deficit and reassure international investors.
But Barnier is increasingly cornered as Macron’s decision to dissolve the lower house and months of political gridlock have undermined investor confidence, driving up France’s borrowing costs compared with other European countries. Making matters worse, the nation’s fiscal situation deteriorated further over the summer under the watch of a caretaker government.
“The question is not what government we’ll have in France but when it falls,” Benjamin Melman, global chief investment officer at Edmond de Rothschild Asset Management, said last week before the administration was announced. “As long as there’s going to be this French premium, we will find some reluctance from investors to come back.”
In an interview published Monday, Bank of France Governor Francois Villeroy de Galhau put his weight behind Barnier’s tax proposals, adding that tax increases should be targeted and fair to avoid undermining economic confidence by hitting middle classes and small companies. Barnier is due to address the parliament on Oct. 1, which will be the first opportunity for a party to call for a no-confidence vote.
Barnier scored one high profile appointment with the leader of the Republicans in the Senate, Bruno Retailleau, who’ll be the new interior minister. The 63-year-old has been a vocal critic of Macron’s past governments, demanding more fiscal discipline and taking a more conservative stance on social issues.JETOUR RHD Models Debut in South Africa, Boosting Globalization Through Wildlife Conservation
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