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21 October 2010

Lagarde Presents 2011 Finance Bill To Parliament

French Finance Minister Christine Lagarde and French Budget Minister François Baroin have presented to both the council of ministers and to parliament the country’s 2011 finance bill, providing for an unprecedented control of public spending and for a EUR9.5bn cut in existing tax breaks in 2011. As part of its proposals for pension reform, the bill also provides for the introduction of a 1% contribution imposed on top earners in France as well as on certain income derived from capital.

While underlining the fact that France is well on the way to economic recovery, Christine Lagarde nevertheless indicated that the rapid reduction of the country’s deficit is now a key condition for stable and sustainable growth. The bill provides for a “historic reduction” of the public deficit to 6%.

According to Lagarde, the government’s 2011 budget is a responsible and ambitious budget, designed to enable France to benefit from economic recovery in the most favourable conditions possible and with public finances restored. Consequently, in order to reduce its fiscal spending, the government has proposed several measures, while at the same time pursuing structural reforms undertaken since 2007.

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