(Bloomberg) -- The French government detailed spending plans for next year that will test voter appetite for pouring public money into the climate transition at the same time as withdrawing support for inflation-hit households.Most Read from BloombergChina Puts Evergrande’s Billionaire Founder Under Police ControlDimon Warns 7% Fed Rate Still Possible, Times of India SaysRepublican Moderates Turn to Rare Maneuver to Avoid Lengthy Government ShutdownIndians Have Five Days to Deposit $3 Billion in
The 2024 budget includes a €7 billion increase in investment in green programs to €40 billion, Finance Minister Bruno Le Maire said on Wednesday. Promised tax cuts will be delayed, meanwhile, and measures that have shielded households from soaring power prices will be withdrawn.
Since his reelection in 2022, plans to announce a long-term green strategy for the climate transition have been delayed amid anger — firstly over pension reform and then after a police shooting of a teenager in June.Sign up for Paris Edition, our weekly newsletter about what’s happening in French business and finance
Instead, he has asked his government to pressure the oil industry into selling fuel at cost. He also plans to reintroduce checks of no more than €100 euros for low-income workers who rely on cars for travel at a cost of around €430 million next year. The government has also delayed a reduction in levies on production in France — a key plank of Macron’s pro-business reform agenda. His plan to cut €2 billion of taxes on households has been pushed back until 2025 at the earliest.
“Macron is trying to avoid measures that could generate a movement similar to the Yellow Vests,” said Antonio Barroso, deputy director of research at political advisory Teneo.
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