France News: Emmanuel Macron’s rival warns “France sank into misery” | World | News


Florian Philippot, founder of the tough Eurosceptic party, The Patriots, insisted that France must leave the EU “more than ever” to regain control of its own destiny. The pandemic has plunged more than a million people to the brink of poverty in France, with unemployment reaching record levels.

In a Twitter message, Mr Philippot said: “Much of France is falling into poverty.“More than ever, a public security program, the basis of which is the recovery of our sovereignty in all areas, is necessary.

“Frexit, nationalization of banks, increase in wages and pensions.”

The French government has invested over £ 400 billion in support programs to help the economy since the onset of the crisis.

The EU member state has also benefited from £ 36 billion in funding from the bloc’s coronavirus rescue program.

Despite the financial intervention, the National Institute of Statistics and Economic Studies predicts that unemployment will reach 9.5% by the end of the year.

The first three months of the year were marked by a net loss of 492,200 jobs across the country.

The Banque de France has warned that unemployment could rise further to exceed one in ten by the middle of next year.

He says: “After being cushioned by the short-time working program, the deterioration of the labor market would be delayed, but the unemployment rate could peak above 11.5% in mid-2021. ”

Leading credit insurer Euler Hermes predicts 62,000 businesses will also close in 2021, a 32 percent increase from 2020.

The Secours Populaire Français, or French Popular Relief charity – an anti-poverty organization – highlighted the overwhelming effect of the coronavirus lockdown on people.

The charity said 1.27 million asked for help during the two-month lockdown starting in March and compared the situation to World War II.

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Last month, the French government announced an additional £ 90bn (€ 100bn) on top of £ 424bn (€ 470bn) in government spending and loan guarantees.

This spending will see £ 32bn injected into the economy to make it more competitive, £ 27bn for green energy projects and £ 5bn more to make public buildings and homes more efficient.

In addition, Mr Macron’s government has confirmed that its jobs program – which pays employees up to 84% of their salary – will continue until next summer.

French Prime Minister Jean Castex said the new stimulus plan is expected to create 160,000 new jobs.

(Additional reporting by Maria Ortega)


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