French Prime Minister Sebastian Lecornu announced plans to suspend President Macron's landmark pension reform until after the country's presidential election in 2027. The concession came after pressure from the left-wing Socialist Party, which said its lawmakers will now not oppose Lecornu in no-confidence votes this week.

Paris

French Prime Minister Sébastien Lecornu has announced the suspension of President Emmanuel Macron's pension reform plans until after the next presidential election in 2027. This decision follows pressure from the Socialist Party, which agreed not to oppose Lecornu in an upcoming no-confidence vote, and support from the centre-right Les Républicains, helping to avert a potential dissolution of parliament.

The suspension is expected to cost the French pension system 400 million euros in 2026 and 1.8 billion euros in 2027, benefiting 3.5 million citizens. Lecornu stated that financial compensation measures will be necessary to offset these costs, and the government is proposing 30 billion euros in budget cuts to target a 4.7% deficit next year. The move was met with a positive reaction from financial markets, though concerns remain about the long-term impact on public finances.

French PM to suspend Macron's pension reforms

Prime Minister Sébastien Lecornu announced plans to suspend President Macron's landmark pension reform until the country's presidential election in 2027. Now the concession came after pressure from the left-wing Socialist Party, which said its lawmakers will now not oppose Lecornu in a no-confidence vote due today. As always, Charlotte is joining us with more details on the French political scene. It seems, Charlotte, that for the time being, there's an agreement, there's a resolution, but at the cost of seeing one of Macron's policy pledges being suspended until the presidential election. Yes, absolutely. A very totemic reform, and yet this was the necessary sacrificial lamb to a certain extent. This time the sacrificial lamb won't be the Prime Minister, but it is the pension reform. But look, the suspension of the pension reform is the suspension of the ongoing political crisis. We've seen, you know, government one after the other falling, and so now finally Lecornu announcing the suspension of the pension reform until January 2028, so after the 27th presidential election, when it can be debated again. So it's a big gamble, but that has allowed him to win time. It basically avoided the worst-case scenario, meaning a dissolution of parliament. So now it looks like for the short term, at least he won't be toppled straight away. And there might be a budget by the end of this year, and as you were saying, it's because the socialists in particular said, because of the suspension, that they will not be opposing the government. And Les Républicains, the centre-right party, that was originally because the Lecornu one government fell, they also said they will not be toppling the government. But Lecornu speaking yesterday said that the suspension of that reform will have a cost. I won't endorse just anything. The cost of suspending the reform for our pension system is 400 million euros in 2026 and 1.8 billion euros in 2027. This suspension will ultimately benefit 3.5 million French citizens. It will therefore have to be financially compensated, including through cost-saving measures. It can't come at the expense of an increased deficit. So you notice, as I say, he's saying, careful what you wish for, because the suspension of this will mean that we'll have to find a way to financially balance it somehow. So we'll have to wait and see what that means. But certainly the debate around the budget will be starting very soon. Lecornu is proposing 30 billion euros in cuts and targeting a deficit of 4.7% next year. There's been a bit of a warning from the audit court yesterday that is led by Pierre Moscovici, saying that the budget plan relies on overly optimistic economic assumptions. So we'll have to wait and see. You know, the tough debates will be coming ahead. But certainly we saw on the markets a reaction that was positive. The French banks that were trading higher, the yield on the 10-year, it's lower since early September. So a relief. You know, ironically, the French government is saying they won't be making some of these very important reforms for the public finances, but a relief, because the other option was worse. And that was reflected there. And that was something that was echoed, interestingly, by Philippe Aguillon, the French economist that won the Nobel Prize. I remember we spoke to him just after the dissolution in July last year, and he said, suspending the pension reform would be absolutely catastrophic. It would send a really bad signal to the markets and to investors abroad that France is not tackling its public finances seriously. And he spoke, actually, on Monday night after receiving the Nobel Prize, saying that the pension reform needs to be suspended until the presidential election. And 24 hours later, that's what the prime minister did. And it seems to be, at least short-term, unlocking the situation. It was just the cost of not doing that measure that would have been even bigger, ultimately. Well, let's see what will happen. The situation, for sure, is still very delicate, Charlotte. Thank you for the reporting.

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