Budget : “The garbled message of the government toward business leaders “

Trends In France. Meeting Tuesday 28 and Wednesday 29 August at Jouy-en-Josas (Yvelines, france) for the 20th summer university of the Medef, the bosses, who always have an eye on the situation as well as on their own activity, have had to enjoy. Interviewed Monday in front of the Association of economic journalists and financiers (AJEF) on the revision of the objectives of public finance, on a background of an economic growth less strong than expected, the minister of economy and finance, Bruno Le Maire, has had this phrase unlikely : “It’s part of the charms of the economic life : it surprises you always. “

The day before, in a long interview granted to the Sunday Newspaper, the prime minister, Edouard Philippe, had acknowledged that the public deficit would be a “rebound” in 2019, although Bercy has improved its assumptions mid-July, at the time of the policy debate on public finance to the national Assembly.

On Monday, the tenant of Bercy has abounded in this sense, considering that” there will not be a 2.3 % deficit in 2018 [as announced in July] “. It should be higher to 2.6% this year and close to 3% in 2019. In question, first, the slowdown of GDP growth : a rise of 1.7 % this year “seems reasonable,” announced The Mayor, while in early August, his counterpart in public accounts, Gérald Darmanin, ensured that it would not be “non-inferior” to 1.8 %.

The account is not there

Result : the tax revenue that will be derived are expected to be less abundant than expected. Finally, the recovery from this year of 3.5 billion euros of debt of the SNCF Network was expected to weigh in at a height of 0.1 percentage point of GDP on the deficit in 2018, has detailed The Mayor.

Side brake on public spending, there is not. The government retains its objective of removing 120 000 posts…

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