Fitch warned France’s draft budget, which contains €43bn of fiscal adjustments to cut the deficit and ease market concern over public finances, could heighten sovereign bond-market volatility if it fails to win approval. Federico Bariga-Salazar, Fitch’s head of Western Europe sovereign ratings, called Finance Minister Roland Lescure’s plan to reduce the deficit to 5% of GDP by 2027 “substantive” and said its large scale means failure to implement it could produce a pronounced shock.