---
title: "Barclays claims French efforts to reduce deficit are ‘unattainable’"
publisher: "Share Talk"
author: "sharetalk"
published: "2024-10-04T16:39:01+00:00"
modified: "2024-10-04T16:39:01+00:00"
date: 2024-10-04
canonical: "https://www.share-talk.com/barclays-claims-french-efforts-to-reduce-deficit-are-unattainable/"
category: "B2B"
categories: ["B2B", "Blogs", "Business & Support Services", "Technology", "Technology, Media & Telecoms"]
tags: ["Barclays", "far-right party", "French", "GDP", "Marine Le Pen", "Michel Barnier", "National Rally", "Prime Minister"]
image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/Barclays-24_10_23.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Barclays claims French efforts to reduce deficit are ‘unattainable’

**Published:** October 4, 2024
**Author:** sharetalk
**Categories:** B2B, Blogs, Business & Support Services, Technology, Technology, Media & Telecoms
**Tags:** Barclays, far-right party, French, GDP, Marine Le Pen, Michel Barnier, National Rally, Prime Minister
**Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/Barclays-24_10_23.jpg?fit=1200%2C800&quality=89&ssl=1)

---

Economists at Barclays have criticised French Prime Minister Michel Barnier’s economic plans, calling the goals “unreachable.”

Barclays’ economists warned clients that Barnier’s pledge to reduce the budget deficit, currently around 6% of GDP, to 5% would likely be derailed by his need to maintain support from coalition partners. The bank argued that France has a history of missing its budgetary targets and that the proposed fiscal cuts would be politically untenable.

The economists noted: “Achieving this would require significant fiscal adjustments, which we doubt the government can implement. The necessary measures would conflict with the political agendas of the coalition’s supporting parties. Moreover, such a large fiscal consolidation would likely hamper an already weak economic outlook.”

Barclays forecasts that France’s deficit will reach 5.8% of GDP by 2025, rather than Barnier’s target. Additionally, they predict public debt will continue to rise, hitting 115.2% of GDP by 2025, up from 112% this year.

The bank also suggested that Barnier’s government may need to invoke Article 49-3 of the Constitution to pass the budget, bypassing a vote in the National Assembly. This could trigger no-confidence motions from opposition parties, potentially toppling the government and rejecting the budget.

Barclays added that the adoption of the 2025 budget may hinge on the far-right party, National Rally (RN), led by Marine Le Pen, abstaining from such no-confidence votes.

Le Pen recently reiterated that her party would not automatically support no-confidence motions to give the government a chance to enact necessary recovery measures. However, she also set clear limits, particularly opposing any tax increases on the working and middle classes.

---

**Original URL:** https://www.share-talk.com/barclays-claims-french-efforts-to-reduce-deficit-are-unattainable/
*Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*