June 27, 2022

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Macron on Track for Another Run at Revamping the French Economy

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(Bloomberg) — French voters will decide this month if they want to give Emmanuel Macron another chance to overhaul the country’s economic and social fundamentals.

The independent centrist won over the French in 2017 with promises to improve the business environment with tax cuts and encourage work with changes to labor and welfare laws. But after a flurry of action in the first year of his presidency, that reform drive was slowed by the Yellow Vests movement and brought to a halt by the Covid pandemic.

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Pollsters predict that after winning the first round April 10, Macron will likely face and beat nationalist candidate Marine Le Pen in the second round April 24. If they’re right, then these are the key policies that will shape France for the next five years — bearing in mind the war in Ukraine casts a shadow over the feasibility of some of his plans.

Fiscal Policy

► Taxes

The French leader says he would continue cutting tax rates to drive economic activity and lighten the fiscal burden on labor.

For businesses, he plans further cuts to levies on production and lower charges for the self-employed. For households, he pledges to abolish the television license fee and raise the ceiling for tax-free inheritance.

The cuts would cost the state a total of 15 billion euros ($16.5 billion) once fully implemented.

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► Spending

Macron plans to set aside 10 billion euros for the green transition, which would include renovating buildings, subsidies on electric vehicles and planting trees. Education and health are also in line to get a boost from public investment.

Bloomberg News

2022-04-03 03:17:34

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