Emmanuel Macron during his interview on July 14, 2020 - Ludovic Marin / AFP

"At least 100 billion euros" will be devoted to "industrial, ecological, local, cultural and educational recovery", promised Tuesday President Emmanuel Macron who lifted the veil on his ambitions to allow France to rebound facing the Covid-19 crisis.

This new injection of public money will take place as soon as “back to school” and does not include the cost of long-term partial unemployment measures, said the Elysée. It will add to the 460 billion already committed in sectoral measures and to support the economy since the beginning of the epidemic. On the other hand, the head of state ruled out any tax increase to offset the explosion in public spending.

Raising taxes excluded

"There is a fiscal trajectory that has been decided, voted by the national representation, it is the one that will be held," he said, adding that "we did not [solve] a crisis like this." by raising taxes ”. "If we say that we are going to raise taxes, people do not consume, doubt arises and the country does not leave," he said. However, he mentioned a “possible option” to “shift a little, for the wealthy (…) the abolition of the housing tax”.

For the rest of his mandate, Emmanuel Macron decided instead to opt for large-scale investment in many sectors and with ecological transition as a common thread. These investments "are part of this Covid debt that we will put aside and amortize over the very long term," said the Elysée tenant, adding that some of these would be financed by European funds from the future recovery plan for the European Union.

"We must return - and this recovery plan is the opportunity - in the construction of a model which is at the same time ecological, industrial and environmental", he pleaded. To achieve this, the Head of State intends to launch several projects, including "a major energy renovation program", starting with schools and nursing homes.

Massively redevelop rail freight

All in order to "make massive energy savings, have our children and our seniors who live much better, produce jobs," argued the president. The Minister for Housing Emmanuelle Wargon had already indicated on Sunday that "4 to 5 billion" euros would be devoted to the building sector and to thermal renovation, a good part of which is used to renovate public buildings.

Emmanuel Macron also intends to "massively redevelop" rail freight, small train lines and night trains as part of his ecological transition policy. It thus supports players in the rail sector who are pushing to double, from 9% to 18%, the share of rail in freight transport by 2030, when the road currently provides 89%.

On employment, the Head of State announced the implementation of an “exceptional exemption from charges for young people”, intended in particular to encourage the hiring of employees with “low qualifications, up to at 1.6 times the minimum wage ”. Companies that have asked their employees to accept a reduction in wages to preserve their jobs are on the other hand called for "moderation of dividends" and to offer "profit-sharing and participation schemes" to these same employees, underlined Emmanuel Macron : "If we tell the employees to make an effort, the shareholder must make an effort too".

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  • Employees
  • Business
  • Taxes
  • Coronavirus
  • Covid 19
  • Economy
  • Emmanuel Macron