The government detailed on Friday the new balances of its draft budget for 2022, which provides for 10.2 billion euros in additional spending, in particular to support the purchasing power of households, financed in particular through better tax revenues.

While the draft budget for 2022 is just starting to be examined in Parliament, the government must already modify its major balances, after having revised upwards its growth forecast for this year (6.25%) and announced a certain number of new expenditures with the France 2030 plan, the skills plan and purchasing power measures in the face of soaring energy prices.

An "inflation compensation" which will cost 2.3 billion euros in 2022

In total, 10.2 billion euros in spending will be added to the 11 billion increase in ministry budgets already planned for 2022. The measures to offset the rise in energy prices will cost 6, 2 billion euros to public finances, detailed the Minister of the Economy Bruno Le Maire, presenting these changes to the press.

The "inflation compensation", announced Thursday evening by Prime Minister Jean Castex will represent an expenditure of 2.3 billion euros next year, after 1.5 billion euros spent in December 2021. The government has also reviewed up to 5.9 billion euros, against 5 billion previously, the cost of capping the future increase in the electricity tariff.

France 2030 and skills plan

In addition, the State will compensate the gas companies penalized by the blocking of gas prices up to the end of 2022 up to 1.2 billion euros. Some elements (increase in dividends paid by EDF to the State and decrease in the cost of financing renewable energies) will reduce the addition by 3.2 billion.

In addition to these purchasing power measures, 2.8 billion euros in credits dedicated to the France 2030 investment plan in the sectors of the future, announced in early October by Emmanuel Macron, are added, and 1.2 billion euros to finance the skills plan announced at the end of September by Jean Castex.

A deficit of 5% in 2022

Thanks to the economic recovery, part of this expenditure will be financed by an increase in tax revenues expected in 2022 (+5.2 billion), and in 2021 (+4.7 billion).

Better revenues which also allow the government to lower its deficit forecast for 2021 to 8.1% (against 8.4%), and to contain that for 2022 to 5% (against 4.8% included in the draft budget).

The public debt will be "brought under 114%", said Bruno Le Maire.

These changes will be submitted to the High Council of Public Finances (HCFP) which criticized the first version of the budget as “incomplete”.


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Keywords: draft budget, debt, government, purchasing power, spending, balances, tax revenues., budget, inflation compensation, households, jean castex, france, bruno le maire, number, face