French PM Michel Barnier Unveils Plan to Tackle 'Colossal' Debt

Barnier's inaugural address outlines tax hikes and spending cuts amid parliamentary turmoil.

Barnier announced targeted tax increases on wealthy individuals and large corporations to reduce France's budget deficit.
The prime minister aims to bring the deficit down to 5% of GDP by 2025 and under 3% by 2029.
The proposed measures include an 'exceptional' tax on high-income earners and a temporary levy on big companies making large profits.
Barnier's speech faced significant heckling from opposition lawmakers, reflecting the deep divisions in the National Assembly.
Despite the fiscal challenges, Barnier pledged continued support for Ukraine and addressed various domestic issues, including immigration control and public safety.