France’s Socialist Party has warned that it will file a no-confidence motion by Monday if the government fails to include a higher tax on billionaires in the 2026 budget. Party leader Olivier Faure said the Socialists had shown restraint in not censuring Prime Minister Sebastien Lecornu so far but added that “if there is no change by Monday, it’s all over.” Talks on the budget’s tax and revenue measures began Friday in the National Assembly, with the Socialists accusing the government of unfairly targeting retirees, young people, and families.
The standoff poses a serious threat to Lecornu’s weak minority government, which relies on shifting alliances to pass key legislation. The Socialists hold enough parliamentary influence to bring down the administration if they join forces with both the far left and far right, who have also called for Lecornu’s removal. The prime minister had previously gained Socialist support by scrapping a controversial pension reform but now faces renewed demands for wealth redistribution.
The political uncertainty adds to growing concerns about France’s economic stability. Business activity in the country declined faster than expected in October, and Moody’s is set to review France’s credit rating after S&P Global issued a surprise downgrade last week. Lecornu, under pressure to cut the euro zone’s largest deficit, plans to reduce spending by over €30 billion next year to bring the shortfall down to 4.7% of GDP. A formal vote on the income portion of the budget is scheduled for November 4.
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