France approves huge €20Bn package to combat cost of living crisis

The parliament of France has approved the package set to combat the cost of living crisis, following debates at the National Assembly on Wednesday, August 3.

France’s new €20 billion package hopes to combat the cost of living crisis by providing its struggling citizens with a way to counter the global rising food and energy prices.

The package, which was approved after a 395-to-112 vote, was one of French President Emmanuel Macron’s key promises, after annual inflation has hit a record high of 8.6 per cent for the 19 countries that currently share the euro currency.

France’s annual inflation is currently estimated to be around 6.5 per cent.

The package will also increase pensions and welfare payments by 4 per cent.

Fuel rebates will be increased from 18 cents a litre to 30 in September and October and private companies in France have been encouraged to offer their workers up to €6,000 tax-free bonuses, as reported by France24.

The news follows reports of EU officials allegedly raising their salaries so as to not be affected by the current Russian sanctions and inflation rates caused by the ongoing war on Ukraine, as reported on Tuesday, July 19.

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