New French Economy Minister Antoine Armand calls for spending cuts
In his first interview, the new French Minister of Economy, Antoine Armand, said that tax increases will not solve the country's economic problems. Instead, he said, public spending should be reduced and the middle class supported.
In his first interview with the press, Antoine Armand, the newly appointed French Minister of Economy, emphasised that raising taxes "is not the solution" and called for a reduction in public spending. Furthermore, he noted that support for the middle class is crucial.
When asked about the strategy to reduce the budget by 20 billion euros, Armand pointed to the necessity of "cutting public spending and making it more efficient." "If raising taxes were the solution, France would have long been the world's greatest power," said Armand in an interview with "Journal du Dimanche."
Tax policy orientation
The new Minister of Economy also noted that Prime Minister Michel Barnier and the Budget Minister will make decisions regarding tax policy. When asked about the tax burden on the middle class, Armand replied that this group should be supported. The newly appointed Budget Minister, Laurent Saint-Martin, will report directly to the Prime Minister, which shows that budgetary issues are a "priority" for the head of the government.
The 33-year-old Armand, a politician associated with the presidential party Renaissance, took on the role of Minister of Economy during a difficult period. France is under scrutiny by the European Commission due to an excessive budget deficit, which last year amounted to 5.5 per cent of GDP. The country's public debt reached 111 per cent of GDP at the end of March this year.
