France and the UK are both grappling with the challenges of rising interest rates and the resulting impact on their debt burdens. France's Budget Minister, Thomas Cazenave, has announced plans to intensify efforts to curb expenditure in 2025 in order to manage the cost of financing its large debt burden. Meanwhile, UK Chancellor Jeremy Hunt has indicated that tax cuts are unlikely in his upcoming economic statement, as he warns of tough decisions on the country's deficit amidst rising interest costs. The European Union is also facing a record €900bn debt burden by 2026. These developments highlight the growing concerns over the impact of rising interest rates on national economies and the need for prudent financial management.
EU faces record €900bn debt burden by 2026 https://t.co/nkCpqMNqdQ https://t.co/gblMm5vpDp
Jeremy Hunt warns of tough decisions on UK deficit as interest costs rise https://t.co/WPbnFc0yGT
UK Chancellor Jeremy Hunt appeared to rule out tax cuts in his economic statement next month https://t.co/fYB8yABt8Y
UK Chancellor Jeremy Hunt appeared to rule out tax cuts in his economic statement next month https://t.co/w3MAn3Z8jV
🔴 UK'S CHANCELLOR HUNT: I NEED TO SHOW IN AUTUMN STATEMENT THAT THERE IS A PATH TO LOWER TAXATION.
🔴 UK'S CHANCELLOR HUNT: IT'S CRUCIAL FOR MARKETS TO SEE THAT THERE IS A PLAN TO BRING DOWN BRITAIN'S DEBT OVER THE MEDIUM TERM.
🔴 UK'S CHANCELLOR HUNT: I DON'T BELIEVE THAT INCREASED TAX BURDEN IN RECENT YEARS IS PERMANENT.
🔴 UK'S CHANCELLOR HUNT: THE REASON FOR DETERIORATED FISCAL SITUATION IS DUE TO HIGHER RATES AND HIGHER DEBT PAYMENTS OF £20-£30 MLN.
🔴 UK'S CHANCELLOR HUNT: AUTUMN BUDGET STATEMENT WILL BE BALANCED WITH CAUTION ABOUT THE INTERNATIONAL SITUATION.
🔴 UK'S CHANCELLOR HUNT: FINANCIAL PICTURE NOW IS WORSE THAN IN THE SPRING OF 2023.
France will intensify efforts to curb expenditure in 2025 as rising interest rates are set to weigh on the cost of financing a large debt burden, Budget Minister Thomas Cazenave says https://t.co/PfmTBhQ8Zf