France unveils a stable budget for 2023

turmoil in Britain and political uncertainty in Italy, France looks like an oasis of relative stability. On September 26th Bruno Le Maire, the finance minister, unveiled the government’s budget for 2023, which was broadly in line with previous ones. It was his sixth; indeed Mr Le Maire now holds the record for the longest consecutive period in office for a finance minister under the French Fifth Republic. Such consistency, however, will not spare France a difficult autumn, nor close scrutiny of its public finances.The budget focuses on protecting the French from soaring energy prices. France will spend €45bn ($43bn) next year on state subsidies to keep energy costs down. Already this year the government has frozen gas prices and capped the rise in electricity prices to 4%. In 2023 this cap will rise by an additional 15% for both gas and electricity bills. Direct subsidies for petrol at the pump will end, as aid becomes more targeted at those who need it. There will be extra help for those on low incomes, as well as tax tweaks costing €6.2bn that are designed to help poorer households.