Edouard Philippe, mayor of Le Havre and president of Horizons, presented the city’s medal to Bruno Le Maire, the Minister of the Economy, at Le Havre City Hall on March 29, 2024. At the Renault factory in Sandouville, both Philippe and Le Maire were dressed in retro-futuristic blue uniforms, almost resembling brothers with their similar heights of 1.91 meters and 1.89 meters. The visit provided an opportunity for the two potential candidates for the 2027 presidential election, both from the right-wing, to advocate for their views on reducing public debt without raising taxes amidst the government’s search for ways to address a deficit of 5.5% of GDP in 2023.
The threatened closure of the Renault factory in the early 2010s, which has now become a showcase for the government’s industrial policy, served as a pretext for Philippe and Le Maire to discuss economic strategies. The factory has promised 550 new hires and 330 million euros in investments over the next four years, largely attributed to fiscal decisions. Le Maire emphasized the importance of reducing production taxes as a gift to the French industry and workers. He also voiced his opposition to taxing superprofits and share buybacks, citing potential negative impacts on employee shareholders. Philippe, as mayor of Le Havre, echoed his support for Le Maire’s stance during a joint press conference, emphasizing the need to avoid new taxes that could hinder household consumption and business competitiveness.
While Le Maire’s stance on tax policies faces increasing scrutiny within the government, he found a supportive ally in Philippe during their factory visit. The two politicians aligned on the importance of maintaining a tax regime that does not burden shareholders and hinders economic growth. Philippe reiterated his commitment to opposing any new taxes during a recent meeting with his party, Horizons, where he stressed the detrimental effects of further taxation on household spending and business performance. Philippe dismissed proposals for a tax on superprofits and superdividends as inadequate and symbolic, emphasizing the need for practical and meaningful solutions to address public debt and economic challenges.
The joint appearance of Philippe and Le Maire at the Renault factory underscored their shared vision for economic policy and debt reduction heading into the 2027 presidential election. Both leaders emphasized the importance of fiscal responsibility and maintaining a tax regime that supports industry growth and job creation. As the government grapples with a significant deficit, their unified message on avoiding new taxes and stimulating economic activity resonated with industry leaders, workers, and the public. The visit not only highlighted their partnership but also showcased their dedication to addressing economic challenges in a collaborative and effective manner.
