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French lower house approves €110 billion emergency budget

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Issued on: 18/04/2020 – 12:13Modified: 18/04/2020 – 12:13

Reacting to an "economic emergency" due to the coronavirus pandemic and concomitant lockdown measures, the French National Assembly in an overnight vote late Friday into early Saturday approved a €110 billion emergency budget. The Senate is expected to vote on the budget bill Tuesday.

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In a second financial amendment bill since the coronavirus crisis began, the French lower house approved a €110 billion budget plan, which includes bonuses for medical staff, funds to help struggling workers and families, and aid to businesses including strategic industries such as aviation and car manufacturing.

Members of the centre-right Republican Party and the Socialist Party, both in opposition, approved the text – unlike Frances far-left Communist and France Unbowed parties.

Blank cheque or strings attached?

French political parties are divided on generating revenues to finance the new package, with the left and far-right parties calling for the restoration of a solidarity wealth tax to make the richest contribute, while the government opposes any tax hikes at this stage.

Another bone of contention is the Read More – Source