France considers wealth tax amid mounting budget concerns

France is grappling with a severe budget deficit crisis, according to Prime Minister Michel Barnier. According to Report, in a statement to the France Presse agency, Barnier described the situation he discovered as "very serious" and called for a comprehensive assessment of the country's financial state.

"This situation requires big steps, not small statements," Barnier emphasized. "It demands responsibility." The prime minister expressed his goal to "return to the path of growth and improve the living standards of the French people," despite France already having one of the highest tax burdens among developed nations.

According to the Finance Ministry, France's budget deficit could reach 5.6% in 2024, higher than the previously projected 5.1%. To maintain the deficit at 5.1%, the government must adopt strict austerity measures and find an additional €16 billion in savings. In July, Finance Minister Bruno Le Maire had already stated that France needed to save €25 billion in 2024 to contain the budget deficit at this level.

The Parisien newspaper reported that Prime Minister Barnier is considering raising taxes, including the potential introduction of a wealth tax, to address the budget shortfall.