News
French auditor says plan to fix finances is unrealistic (3)
<-bsp-bb-link state="{"bbHref":"bbg://securities/223727Z%20FP%20Equity","_id":"00000190-b6d7-d6e5-adde-bfd71db50000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">France’s state auditor said existing plans to repair “worrying” public finances lacked credibility, sounding the alarm over the budget as political groups with expansive tax and spending policies compete to form a new government after early elections.
The outgoing government of the president <-bsp-person state="{"_id":"00000190-b6d7-d6e5-adde-bfd71db60000","_type":"00000160-6f41-dae1-adf0-6ff519590003"}">Emmanuel Macron-bsp-person> promised further spending cuts and revenue-raising measures in April to revive failed plans to reduce the budget deficit to 3% of economic output by 2027.
State auditor Cour des Comptes said Monday, however, that the updated program was based on “particularly optimistic” growth forecasts, unprecedented spending cuts and imprecise measures to raise tax revenue.