French President Emmanuel Macron’s government will present a 2024 budget on Wednesday that tests voter appetite for pouring public money into the climate transition at the same time as withdrawing support for inflation-hit households.
The Finance Ministry will unveil the details of a plan to increase investment in green programs to €40 billion next year from €33 billion in 2023. The budget will also delay previously promised tax cuts and withdraw measures that have shielded households from soaring energy prices.
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.
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’s track record on public finances has come under sharpened scrutiny this year after Fitch Ratings cut the country’s credit score in April, warning that political deadlock and social movements could push his government toward a more expansionary fiscal policy.
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