Edgar Faure responded to those who accused him of opportunism that “it’s not the weather vane that turns, it’s the wind”. Sébastien Lecornu could use the formula again. The finance bill for 2027 presented on Thursday October 1 is in fact intended to be “reversible”. Certain measures could be defeated if the tide turns in Parliament. The text arrives in a country where unemployment reaches 8.3%.
It freezes APL and the index point, cuts pensions, makes BTS and preparatory class payable and taxes forgotten savings. Who pays the 54 billion effort? First the retirees.
Budget 2027: 54 billion effort to reduce the deficit to 5%
The text is based on an effort of 54 billion euros, including 43 billion in new measures, details the Bercy press kit. The rest comes from devices already voted on which are ramping up.
Without correction, the deficit would have reached around 6.5%, according to Matignon. All administrations combined, the debt burden is also around 91 billion euros, according to the High Council of Public Finances.
Retirees, students, savers: who pays the 2027 budget
On the household side, retirees bear the largest share, with 5.5 billion euros requested. However, the bill also affects recipients, students and distracted savers.
Pensions: only those up to 1,260 euros per month follow inflation. Beyond that, however, the revaluation will be lower.
Tax relief for retirees: capped at 3,000 euros per household, compared to 4,439 euros today, for 1.4 billion euros.
APL and family benefits: frozen in 2027.
Forgotten savings: an exceptional levy of 17% is imposed on sums transferred to the Caisse des Dépôts (accounts, Livret A accounts, life insurance). Those who claim them on Ciclade, however, recover everything, including interest.
Studies: registration would cost 178 euros for BTS and 270 euros for preparatory class, excluding scholarship holders.
Sick leave: 2 billion savings expected, via taxation of daily allowances and negotiation with social partners.
This list also raised eyebrows in the editorial staff. Student APL, RSA, income tax: at the end of August, Sébastien Lecornu already denied these rumors. Has Pinocchio’s nose gotten longer since then? We brought out the tweet.
“This is all false! »… or almost: Lecornu’s denial scrutinized
On August 20, Sébastien Lecornu brought out the heavy artillery on », decided the Prime Minister. It also targeted those who invented measures “to worry the French”.
Six weeks later, the budget is on the table. Verification done:
RSA and minimum old age frozen? Fake. Both indeed follow inflation.
The tax credit for personal services? Spared, for now. The press kit does not touch it, notes Aladom, but the parliamentary debates can reopen it.
Student APLs removed? False in the word, true in the wallet. Of course, APLs do not disappear, they freeze for everyone. And students from wealthy families would lose part of it.
The increase in income tax? The scale follows inflation. But capping the 10% allowance for retirees increases income tax, precisely. Thus, for a pension of 50,000 euros per year, the bill increases by 432 euros, calculates Legifiscal.
The government therefore weighed every word: APL frozen rather than abolished, a reduction reduced rather than a scale raised. Lecornu criticized rumors for “inventing” measures. Above all, they were a little ahead.
Civil servants, communities, businesses: other contributors
On the State side, the index point remains frozen and 1,076 positions disappear in central administration. Only National Education, Research, Defense, Justice and the Interior are exempt from the credit freeze. The armies even earn 6.4 billion euros. Communities contribute a little over 5 billion. Finally, Social Security must reduce its deficit from 21.8 to 12.7 billion.
Large companies saw their exceptional contribution fall by 30%, to around 5 billion euros. However, Medef estimates the total levies targeting them at nearly 20 billion, reports franceinfo. The tax on motorways and large airports would thus increase from a maximum rate of 4.6% to 12.2%. The research tax credit and the Dutreil pact nevertheless remain intact.
The High Council of Public Finances issued its opinion the same day. According to him, the effort is real, but the debt burden swallows up most of it. The debt ratio therefore continues to rise. British gilts exceed 6% and the OAT reaches 5.4% over 30 years. Therefore, each tenth of a rate point costs more than the paid BTS.
The National Assembly opens examination of the text in October. Sébastien Lecornu promises a vote this time, without 49.3 or orders. But the promise has an air of déjà vu. On October 3, 2025, he already renounced 49.3 for the 2026 budget. He finally drew it three times, the last on January 30, 2026, recalls the Club of Jurists. The wind, again.
Nothing in the summaries published Thursday targets cryptocurrencies. The State can freeze an allowance, reduce a reduction or deduct 17% from a forgotten booklet. He can certainly tax capital gains in bitcoin, not rewrite the rules. On January 3, 2009, Satoshi Nakamoto engraved in the very first block a Times headline on the second bank bailout. Seventeen years later, the ceiling of 21 million bitcoins has not changed a single unit. As for Matignon’s words, she has so far shown less consistency.
