Journalism of Courage
New French PM gives up predecessor’s idea to cut back two public holidays
France’s new prime minister Sebastien Lecornu said he will not go ahead with an earlier plan to reduce two public holidays, which his predecessor had proposed to help lower the budget deficit. Speaking to French newspapers La Provence and Ouest France, Lecornu said the government was “paying for instability” after credit rating agency Fitch downgraded […]
Newly named Prime Minister Sebastien Lecornu arrives at the Prime Minister residence for a handover ceremony with outgoing French Prime Minister Francois Bayrou, in in Paris. (AP) France’s new prime minister Sebastien Lecornu said he will not go ahead with an earlier plan to reduce two public holidays, which his predecessor had proposed to help lower the budget deficit.
Speaking to French newspapers La Provence and Ouest France, Lecornu said the government was “paying for instability” after credit rating agency Fitch downgraded France’s debt rating to A+ on Friday, the country’s lowest on record.
The downgrade puts pressure on Lecornu, who took office on 10 September, to find a way to pass the 2026 budget through a divided parliament. He said he wanted to look for “creative ways” to work with opposition parties while keeping the focus on reducing debt.
“My mindset is simple: I want neither instability nor stagnation,” Lecornu told Reuters. He added that the budget “may not fully reflect my convictions,” and called for “frank and serious discussions” with the Socialist Party, the Ecologists and the Communist Party.
President Emmanuel Macron appointed Lecornu, a conservative ally, after parliament forced out former prime minister François Bayrou in a confidence vote over his plan for a €44 billion spending cut. Lecornu is Macron’s fifth prime minister in less than two years.
French borrowing costs have risen since Bayrou’s failed budget push, moving closer to those of Italy, which carries a heavier debt load and a weaker credit rating.
Lecornu said higher interest rates were affecting both state finances and ordinary people. “That is why the government will have to propose a sound financial path for France. It is also a question of sovereignty,” he told Reuters.
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