Macron's Premier Says France Must Break Spending Addiction
- Philippe promises 20 billion euros of tax cuts in five years
- Public spending won’t increase before 2022, Philippe says
French President Emmanuel Macron
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Prime Minister Edouard Philippe said France must break the addiction to public spending that has left its economy trailing peers as he outlined plans to rein in the budget and cut taxes.
In his maiden speech at the National Assembly as premier, Philippe promised 20 billion euros ($23 billion) of tax cuts by the end of President Emmanuel Macron’s term in 2022. Spending will drop by the equivalent of 3 percentage points of gross domestic product in that time and taxation will fall by 1 point, he said.