French President's Office "will set an example as head of state"...Elysee Palace forgoes budget increase

France's presidential office and parliament have decided to abandon next year's budget increase to lead by example in addressing the public fiscal deficit.

"The head of state abandons the Elysee Palace's budget increase because he wants the republic's presidential office to set an example," the Elysee Palace said in a statement, referring to a series of government budget cuts for next year to reduce the fiscal deficit.

According to the French government's latest budget plan, the Elysee Palace's budget for next year was set at 125.7 million euros, up 2.5% from this year, and about 186.6 billion won in our money.

The Elysee Palace's budget increase rate is higher than the expected inflation rate of 1.8% next year.

The award came after the announcement of the Elysee Palace that it would give up the budget increase.There is also a proposal in the House of Commons to abandon the budget increase.

"It is normal and essential for both parliaments to participate in efforts to restore public finances," House Speaker Yael Brun Pive and Senate President Gerard Laschet said in a joint statement.

France's Ministry of Finance and Economy reported next year's budget to the Cabinet meeting on the 10th, explaining how to reduce public spending worth 60 trillion won and collect nearly 30 trillion won in additional tax revenues through large corporations and wealthy tax increases.

This will bring down the fiscal deficit, which is expected to be 6.1% of GDP this year, to 5% next year and below the European Union threshold of 3% in 2029.