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Graphic: what is included in France’s 2027 budget
Several major changes to pensions, taxes, and spending as government seeks to reduce debt
The French government has released its 2027 budget, looking to make €43 billion in savings.
This, combined with ongoing measures that began this year but will extend into 2027, is set to reduce the deficit by €54 billion.
Major elements of the budget include proposed changes to the indexing of pension payouts to inflation, and lowering the cap on the 10% pension tax allowance.
Below is a graphic showing the major changes.
As a reminder, the budget is far from assured to pass at this state – if at all.
In the last two years, France’s main budget failed to pass before the deadline, leading to exceptional late budgets at the start of the new year (although last year the social security text passed before the deadline).
As the government remains without a majority in the Assemblée nationale, it will require support from other parties to pass the text.
Debates will take place in the chamber from October 13 for both the main and social security budgets.
Budgets will then pass to the Senate (and back as changes are discussed) before a final vote in December.
