France’s budgetary situation ‘very serious,’ PM Barnier warns

France's new Prime Minister Michel Barnier has warned of very serious financial situation in the country.

In a statement to AFP , Barnier stressed that France's budgetary situation is ‘very serious.’

"I am discovering that the country's budgetary situation is very serious," Barnier said.

"This situation requires more than just pretty statements. It requires responsible action," he stressed.

The new prime minister, who has yet to appoint a cabinet, is scheduled to submit a 2025 budget to parliament next month, in what is expected to be the first major test for the incoming administration.

Within days of taking office in early September, Barnier said in an interview that "French people want more justice" in terms of fiscal policy, while several politicians have reported the prime minister mentioning possible tax increases in private conversations.

Such a move would be a red rag to allies of Macron, who oversaw cuts in the corporate tax rate from 33.3 percent to 25 percent as well as tax reductions for households, including the wealthiest taxpayers.

Macron has claimed a reduction in the overall tax burden by 50 billion euros ($56 billion) since he became president in 2017.

News.Az