France's Le Pen unveils €140 billion savings plan, pledges deficit below 3% by 2030

French far-right presidential candidate Marine Le Pen presented budget proposals on Tuesday, ahead of next year's presidential election. France 24, Le Monde and Reuters all reported the presentation. France 24 and Reuters describe her as the current frontrunner. Reuters identifies her as a member of the National Rally party.

Her plan promises €140 billion in cost savings. The reports give different timeframes. France 24 says the savings would come by 2032, while Le Monde says over five years. Le Pen also pledged to bring France's public deficit back below 3% of GDP by 2030.

The proposals include a budget-related referendum. France 24 describes it as a vote to introduce a budget "golden rule" requiring an annual reduction in debt. The reports do not describe its wording, timing or legal mechanism.

Le Pen framed the plan as necessary to prevent a French default on its debt. "If the French do not choose a political break, France is heading towards default," France 24 quoted her as saying.

Fiscal context

According to France 24, France's public deficit was 5.1% of GDP last year. The government now forecasts it will reach 5.4% this year, instead of falling as originally planned. France 24 also reports that the government plans to borrow €340 billion in 2027, around €28 billion more than this year. It says French government bond yields have risen sharply in recent weeks amid rising interest rates.

Pensions and savings

According to France 24, Le Pen wants to lower the retirement age to 62, or possibly 60. She also promised savings of €15-20 billion within the pension system. The reports reviewed by Vocemundi do not itemise where most of the remaining savings would come from. They do not explain how a lower retirement age would be financed alongside the savings targets.

Campaign context

According to France 24, a poll last week showed Le Pen on course to win both rounds of the election next April against any challenger. The reports do not identify the pollster, sample or margin of error. France 24 says the announcement was a bid to establish her economic credibility and regain momentum after accusations against Jordan Bardella, her top ally.

What is disputed

Last week, Bardella was accused of making antisemitic comments on Facebook Messenger in 2013, according to France 24. The reports do not identify the accusers or quote the alleged messages. Bardella has denied making antisemitic comments, France 24 reports.

What each side says

According to France 24, Le Pen said President Emmanuel Macron's successive governments had failed "to anticipate the slightest economic, financial or budgetary policy capable of preventing the noose of interest payments from strangling France". She called on the European Central Bank to "ease the burden" of interest rates. She said pension savings could come from correcting "inefficient and unfair" measures. She also said she retains full confidence in Bardella.

The reports do not include responses from the government, Macron's camp, rival candidates or independent economists.

Analysis

The proposals place public finances at the centre of the campaign. They come as France 24 reports a rising deficit and higher borrowing costs. A key test will be whether the plan's figures can be reconciled. It combines €140 billion in savings with a possible lower retirement age, and the reports reviewed by Vocemundi do not set out how these fit together. Responses from the government, rival candidates and independent economists could shape how voters and markets judge the plan's credibility. The outcome of the accusations against Bardella, which he denies, may also affect the campaign. Neither factor's effect can be determined from current reporting.

Produced by the Vocemundi newsroom with AI assistance.