Since the start of the health crisis, almost a year ago, the French have saved en masse. A savings which, for the Minister of Finance and the Economy, could be the solution to the recovery of the economy according to information from Echoes.
French savings as a driving force for economic recovery
Faced with the health crisis, the French have turned into real little Piscou, massively putting their money aside to face future economic hazards. This colossal savings is at the heart of a political debate which divides a little more left and right. According to Echoes, the Minister of Finance and the Economy, Bruno Le Maire, wishes to make the savings of the French one of the engines of the economic recovery of the country.
Thus, in the coming weeks, Bruno Le Maire should present “ a mechanism to ensure that the savings of the French go well to the revival of economic activity and French companies “. Among the avenues considered to make savings the stimulus of tomorrow, facilitation ” transfers or donations between generations “. A facilitation that would help the French to get rid of some of their woolen stockings which according to the Banque de France should reach, at the end of 2021, 200 billion euros. A gigantic sum which represents double the stimulus plan put in place by the government.
Bruno Le Maire rejects the proposed taxation on the left
Other avenues have been mentioned by politicians. The left notably proposed to tax part of the savings of the French, the left considering this solution as the best alternative because of the profile of the savers. 70% of the savings accumulated by the French since the start of the health crisis have been accumulated by the 20% of households with the highest incomes. However, the government categorically rejects this option, which in the eyes of the French would amount to a tax hike.
On the right, the president of the Finance Committee in the Assembly, the deputy LR Éric Woerth, proposed the establishment of a Covid savings book, ” a Livret C, a very simple financial instrument guaranteed by the State, the funds of which would go to VSEs and SMEs “. Here again, the government is opposed to it because it would not be adapted to prudential rules.