France’s Socialist Party has promised to raise taxes on the ultra-wealthy and abandon austerity measures if it comes to power, as Prime Minister François Bayrou faces the likely collapse of his
government next week.
Bayrou has called a confidence vote for Monday in hopes of securing backing for his 2026 budget-cutting plan. But opposition parties say they’ll vote against him, making his survival unlikely.
If Bayrou falls, President Emmanuel Macron has ruled out holding snap elections. Instead, he would need to appoint a new prime minister—potentially from the centre-left, after four centre-right premiers failed to navigate a fractured parliament.
“It’s time to break with the austerity and unfair fiscal policies of the Macronists,” Socialist leader Olivier Faure declared on X (formerly Twitter). “Another path is possible: a left-wing, fair path that would improve people’s lives.”
Faure said his party would seek new revenue by taxing the wealthiest households. He suggested a tax of at least 2% on fortunes worth more than €100 million. After meeting Bayrou, Faure added that the Socialists are open to working with other parties on a case-by-case basis.
Last weekend, the Socialists unveiled an alternative budget plan. Their proposal would trim the deficit by €21.7 billion—far less than Bayrou’s nearly €44 billion target. The plan includes €14 billion in spending cuts and €26.9 billion in tax increases, mostly from the wealth tax.
France’s debt has climbed to 113.9% of GDP, while last year’s deficit nearly doubled the EU’s 3% ceiling.
Macron, first elected in 2017 on promises to transcend left-right divides and push pro-growth reforms, has struggled to deliver amid protests, the COVID-19 pandemic, and surging inflation.
The left, meanwhile, is also facing headwinds. After running together in last year’s snap parliamentary elections, France’s left-wing parties are now split, raising questions about how united they can be in shaping policy. Photo by Thomon, Wikimedia commons.