PARIS (Realist English). France’s Socialist Party leader Olivier Faure has warned that his party will move to bring down Prime Minister Sébastien Lecornu’s minority government by Monday unless it agrees to raise taxes on the country’s richest citizens.
“If there is no change by Monday, the Socialists will vote against the budget and file a no-confidence motion,” Faure told BFMTV on Friday. His party’s 69 deputies hold the balance of power in the 577-seat National Assembly, making their support crucial to Lecornu’s survival.
The standoff underscores the fragile position of Lecornu’s centrist administration, which has already faced two no-confidence votes this month and is struggling to pass the 2026 budget amid deep divisions in parliament.
Lecornu last week sought to ease tensions by suspending President Emmanuel Macron’s contested pension reform, a move intended to win Socialist backing. But the left has since demanded further fiscal concessions, insisting that the wealthy must shoulder a greater share of the adjustment needed to restore public finances.
Among the proposals is the “Zucman tax” — a 2% annual levy on total assets exceeding €100 million, including company shares and unrealized gains — named after French economist Gabriel Zucman. The measure, rejected earlier this week in committee, will be debated in the assembly on Friday. Proponents claim it could raise up to €20 billion a year, though critics argue actual revenues would be far lower as the wealthy seek to relocate or restructure assets.
Faure did not make the Zucman plan a strict condition but said the government must secure €15–20 billion in new revenues, preferably through taxes targeting high-net-worth individuals. “We need new sources of income to avoid taking more from ordinary French people, who can no longer bear the burden,” he said.
Lecornu, while opposing the Zucman tax, has proposed maintaining a windfall levy on large corporations and taxes on holding companies. His draft budget foresees €30 billion in savings in 2026, aiming to reduce the deficit to 4.7% of GDP, down from 5.4% in 2025, though he has suggested flexibility to reach 5% if political compromises are needed.
The talks are expected to be arduous. Lecornu pledged not to invoke a constitutional article that allows the budget’s adoption without parliamentary debate — a gesture toward the opposition that now leaves every spending and revenue item open to negotiation.
The pressure intensified after Standard & Poor’s downgraded France’s credit rating to A+ last week, citing rising debt levels. Moody’s is set to issue its own decision Friday evening, potentially adding to the fiscal and political strain on Lecornu’s embattled government.
