ING economist Charlotte de Montpellier says the fiscal plan from Marine Le Pen’s
National Rally looks difficult to implement. The party, which leads first‑round
polls, pledges annual spending cuts of about €136bn to push France’s public
spending below 50% of GDP by 2032. ING says some savings are feasible but the
largest cuts lack implementation detail, and the macro assumptions—GDP growth of
0.9% in 2026 and 2027 and 1.8% in 2028—are unrealistic. ING also flags a key
inconsistency: the plan combines large-scale consolidation with around €69.3bn
of tax cuts and new spending scheduled for 2027, making the stated fiscal
targets hard to achieve.
