Renaissance Party Plans Referendum on French Social Model

Gabriel Attal, the president of the macronist deputies, announced that the Renaissance party is preparing a referendum bill aimed at overhauling the French social model to prioritize job creation and lighten the tax burden on workers. Attal emphasized the need for a new system that restores salary and purchasing power for workers while ensuring adequate social protection funding. Meanwhile, luxury goods conglomerate LVMH's CEO Bernard Arnault expressed frustration over French taxes, hinting at potential production shifts to the U.S. despite the company's pride in being a French entity. The French government acknowledged Arnault's concerns but maintained its pro-business stance, asserting that recent tax increases are temporary. The political landscape remains tense, as the National Rally party faces isolation in the European Parliament, struggling to secure key positions despite its electoral gains. Jordan Bardella, the RN president, articulated his goals for new legislative elections amidst these challenges.