French election worries rekindle market memories of UK budget rout

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French election worries rekindle market memories of UK budget rout

-As the far right and leftist parties gain momentum ahead of France's surprise parliamentary election, pressuring President Emmanuel Macron's centrist administration, investors are starting to contemplate the risk of a budget crisis at the heart of the euro area.

A newly formed leftist alliance meanwhile said on Friday it wanted to lower the retirement age and tie salaries to inflation, adding to expectations for higher spending under a new government. An opinion poll on Wednesday showed the leftist parties coming second behind the RN. Finance Minister Bruno Le Maire, urging voters to back Macron's centrist candidates, warned on Friday of the risk of a financial crisis if either the far right or the left wins the election.

RN President Jordan Bardella said on Friday that the party would detail its platform in the coming days and how it would be financed. It has so far been vague about where it stands on fiscal responsibility other than blaming the outgoing government for straining the public finances.

 

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