Planned tax increases to get France’s budget deficit under control will hit about 300 of the country’s biggest companies, Prime Minister Michel Barnier said.

France's new Prime Minister Michel Barnier is reportedly considering a one-off increase in corporate tax on the country's biggest companies, as the government faces a deadline on Tuesday to present a budget for 2025,

Prime Minister Michel Barnier announced steep spending cuts and tax hikes for France's biggest companies and wealthiest individuals on Tuesday, saying there was no other way to narrow a gaping budget deficit.

France’s new Prime Minister Michel Barnier has proposed €60b ($66b) worth of spending cuts and tax hikes to help shrink the country’s deficit to 5% of economic output, down from the 6.1% it currently stands at.

Michel Barnier, France's new prime minister, has confirmed that taxes for bigger companies and richer citizens will be raised, in an attempt to plug the growing hole in the country's public finances.