Prime Minister François Bayrou unveiled on 15 July 2025 a package of fiscal austerity measures aimed at reducing France’s budget deficit, which stood at 5.8% of GDP in 2024.

Central to the plan is the proposal to eliminate two public holidays—Easter Monday and Victory in Europe Day on 8 May—as a means to increase economic activity and boost state revenue.

The wider package, valued at approximately €43.8 billion, also includes freezing most public spending, welfare benefits and pensions at 2025 levels, halting tax‑bracket inflation adjustments, and increasing defence expenditure by €3.5–6.5 billion.

Bayrou intends to lower the deficit to 4.6% by 2026, with a long‑term target of 3% by 2029.

During a press briefing, Bayrou justified the holiday cuts by citing the clustering of holidays in May and stating that ending them would enable increased working days and output.

He referenced public debt as constituting a “mortal danger” that necessitates urgent action.

The proposal has generated opposition across the political spectrum.

Far‑right and socialist factions criticised the move, with threats of a no‑confidence vote.

The National Rally's Jordan Bardella described the elimination of the May 8 holiday—a commemoration of the end of World War II in Europe—as an “attack on history,” pledging no support for the measure.

Trade unions have decried the proposal as an undermining of national traditions, and objections have emerged from both left‑ and right‑wing lawmakers.

The government's inability to form a majority in parliament means the package may require constitutional maneuvers to pass.

Bayrou’s government plans to submit a detailed budget bill in October.

Market watchers have warned that failure to enact the measures could jeopardise France’s credit rating and elevate borrowing costs.

The holiday‑cutting proposal has sparked debate on balancing fiscal discipline with preservation of historical memory and social tradition in France’s public finances.