France's far-right party says it is preparing for the possibility of another snap election, ahead of a vote of confidence in Prime Minister Francois Bayrou's government. CNBC's Charlotte Reed reports.

Paris

France's far-right National Rally party has announced its preparations for a potential snap election, having already selected most of its candidates. This move comes as Prime Minister Francois Beyrou's government faces a confidence vote, with opposition parties, including the socialists and National Rally, indicating they will not support the government.

The ongoing political uncertainty has raised concerns in the business community, with warnings of recession risk and calls for stability. President Emmanuel Macron has ruled out resigning and is seeking to avoid dissolving parliament, but the fragmented assembly and disagreements over fiscal policy continue to fuel instability.

France's National Rally prepares for possibility of fresh election

In a France's far right party says it is preparing for the possibility of another snap election ahead of a vote of confidence in Prime Minister Francois Beyrou's government. The National Rally president, Jordan Bardella, said the party has already chosen 85 percent of its candidates. It comes as Beyrou holds talks with opposition parties this week to try to prevent a government collapse. National Rally is due to meet with Beyrou later today. The business community in France has sounded the alarm over the current political crisis, urging the government to provide certainty for businesses. The head of MEDEF Business Lobby warned of a real recession risk, saying the nation was already in a precarious situation. In the meantime, the ECB president, Christine Lagarde, told French radio that intervention is unlikely, but that she is watching bond spreads, quote, very attentively. Charlotte is joining us this morning with more. Charlotte, what can we expect from these conversations that Beyrou is having? Because the investors are wondering, are we going to get a snap election? Yeah, very little hope on these talks are being held today. The Prime Minister, Monsieur Beyrou, said there's a mass hole of possibility that maybe an agreement can be found. But for a lot of people, they see that this is not going to happen. The socialists and the far right have both said that they will not support the government in the vote that will be happening on September the 8th. So Beyrou could become the fourth prime minister to lose his job in 18 months in France. Of course, it's all about the budget. His predecessor, Michel Barnier, lost his job in December around the budget as well. François Beyrou has survived for the past few months. But here again, the budget for next year becomes a headache here again for the government. So he's trying to make some cuts, find 44 billion euros in tax hikes and spending cuts for the 26th budget. That's on top of the almost 60 billion that they found for the 25th budget, or try to bring down the deficit back to 4.6 percent next year. But that is a headache. They don't approve. None of these groups agree on where to find these cuts. The left-wing bloc don't want to make any cuts to the welfare. And basically, what we know because of the very splintered assembly is that he needs to have all the socialists, all the far right on board with him to support him. And it looks like that's how he survived so far. But it looks like none of these groups are supporting him today. So again, we have to wait and see how the talks happen today. It's looking very difficult for him. In an interview this weekend, he said it was a matter of survival for the state, that his government survives. But here again, we know that it's a very complicated situation. So what happens next? If that vote doesn't – if the parliament doesn't support him, then he would have to resign. Then the president, President Macron, has to pick a new prime minister. That can be Beirut again. That is completely up to the president to choose who he wants as a prime minister. Another possibility is to dissolve parliament altogether. We already heard from President Macron say he doesn't want to go down that route, and other parties probably don't want to go down that route, because looking at the polls, it looks like the far right would make a lot of gains. So the far right is on board with that, but the left is not. So all this is up in the air. What happens next? And that's the short term. The long term is none of these parties agree on the fiscal situation, how to deal with the fiscal position of France. And there is the long-term concern, that's why we saw these moves in the bond and the stock market in France a bit – came back this week. But certainly, there is this concern long term. No one agrees on how to address the situation. And that really is at the heart of the conversation now. Because even the possibility of snap elections doesn't really clear the fragmentation that we have witnessed in French politics. But I would also like to get your thoughts, Charlotte, on the ramifications for the president here. Because he, of course, first indicated Michel Barnier to be the prime minister. That didn't go well. Now, he had another attempt. That didn't go well either. What are the ramifications for Macron himself and his presidency? And also, he triggered that mess. He called that snap election last year, which unfolded this instability. Because of course, his government was a minority government. But they could work with MPs here and there. They just were a few votes away. Now, of course, the parliament is much more fragmented. So now we're in this situation of instability. So what does that mean for President Macron, where again, he's picked a couple of pretty good strong candidates, given the situation at the moment. They seem to be potentially both failing. So now the question is, some people are calling for President Macron to resign altogether. That we're stuck in this institutional dead end, and that he should step down. Now, he's already ruled this out. He said he will go to the end of his mandate until 27. But of course, that does raise the question of his legacy. What happens next for his movement? Who will pick up after him to be a candidate for his party? Whether you will see the traditional parties actually come back. This is a failure of the Macron third way. Does that bring back then the far right, the center right, and the left come back and rebuild themselves or run their opposition to the Macron system?

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