Olivier Faure demands changes to the budget by Monday — or he will vote against the government.
The French government faces a new and serious political crisis, as the head of the Parti Socialiste (PS), Olivier Faure, warned that if there are no “substantial changes by Monday” to the 2026 draft budget, his party could vote against the government.
Speaking to BFM-TV, Faure stated that the Projet de Loi de Finances (PLF) includes “a series of unacceptable measures” that must be withdrawn — such as “the tax cuts for retirees,” “the pension freeze,” and “the freeze on social benefits.”
“If there are no changes, then that will be the end,” Faure warned.
When asked whether this means the PS would vote against the budget, he replied: “You understood that very well.”
“Tax the super-rich and the GAFAM giants”
Faure called on the government to raise revenues by €15 to €20 billion, stressing that such measures would “correct the proposal.”
He also urged higher taxation on GAFAM — Google, Apple, Facebook, Amazon, and Microsoft — as well as on the super-rich and large inheritances.
“We must hit the ultra-wealthy, we must hit excessive inheritances,” he said, citing billionaire Bernard Arnault, whose fortune grew by €16 billion in just one day last week.
The threat of a no-confidence vote looms over the government
At the same time, the head of the Socialist parliamentary group in the French National Assembly, Boris Vallaud, told Le Parisien that France needs “greater fiscal justice.”
“If the centrist majority cannot vote for the Zucman tax on the super-rich or restore the ISF (wealth tax) for billionaires, then there’s no reason for the debate to continue. The budget will collapse,” Vallaud warned, emphasizing that the PS “reserves the right to trigger a censure motion at any moment.”
According to Philippe Brun, the PS’s rapporteur for the budget, the “Macronists” have 48 hours to present the concessions they are willing to make: “If we do not vote on the first part of the budget, then there simply will be no budget,” he told AFP.
The Left’s amendments and the Élysée’s gamble
The Left’s proposals, centered on the Zucman tax for the super-rich, are expected to be debated on Saturday.
The government has suggested a more limited levy on holding companies with at least €5 million in assets, a proposal that fails to satisfy the PS and has drawn criticism even within the presidential majority.
The government’s fate now lies in the hands of the Socialists, who on October 16 refrained from supporting a no-confidence motion tabled by La France Insoumise (LFI) in exchange for commitments on tax justice, purchasing power, and a freeze on pension reform.
The Élysée Palace knows that without PS backing, the approval of the 2026 budget remains uncertain — and with it, the political stability of President Emmanuel Macron’s government.
www.bankingnews.gr
Speaking to BFM-TV, Faure stated that the Projet de Loi de Finances (PLF) includes “a series of unacceptable measures” that must be withdrawn — such as “the tax cuts for retirees,” “the pension freeze,” and “the freeze on social benefits.”
“If there are no changes, then that will be the end,” Faure warned.
When asked whether this means the PS would vote against the budget, he replied: “You understood that very well.”
“Tax the super-rich and the GAFAM giants”
Faure called on the government to raise revenues by €15 to €20 billion, stressing that such measures would “correct the proposal.”
He also urged higher taxation on GAFAM — Google, Apple, Facebook, Amazon, and Microsoft — as well as on the super-rich and large inheritances.
“We must hit the ultra-wealthy, we must hit excessive inheritances,” he said, citing billionaire Bernard Arnault, whose fortune grew by €16 billion in just one day last week.
The threat of a no-confidence vote looms over the government
At the same time, the head of the Socialist parliamentary group in the French National Assembly, Boris Vallaud, told Le Parisien that France needs “greater fiscal justice.”
“If the centrist majority cannot vote for the Zucman tax on the super-rich or restore the ISF (wealth tax) for billionaires, then there’s no reason for the debate to continue. The budget will collapse,” Vallaud warned, emphasizing that the PS “reserves the right to trigger a censure motion at any moment.”
According to Philippe Brun, the PS’s rapporteur for the budget, the “Macronists” have 48 hours to present the concessions they are willing to make: “If we do not vote on the first part of the budget, then there simply will be no budget,” he told AFP.
The Left’s amendments and the Élysée’s gamble
The Left’s proposals, centered on the Zucman tax for the super-rich, are expected to be debated on Saturday.
The government has suggested a more limited levy on holding companies with at least €5 million in assets, a proposal that fails to satisfy the PS and has drawn criticism even within the presidential majority.
The government’s fate now lies in the hands of the Socialists, who on October 16 refrained from supporting a no-confidence motion tabled by La France Insoumise (LFI) in exchange for commitments on tax justice, purchasing power, and a freeze on pension reform.
The Élysée Palace knows that without PS backing, the approval of the 2026 budget remains uncertain — and with it, the political stability of President Emmanuel Macron’s government.
www.bankingnews.gr
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