“An exorbitant blank check”: left-wing elected officials and associations contest the use of the Livret A to finance nuclear power

A collective bringing together left-wing elected officials and community and trade union organizations demanded on Monday the withdrawal of the government system providing for the mobilization of regulated savings to finance new nuclear reactors, fearing that it would weaken the financing of social housing.

“An exorbitant blank check,” denounced LFI deputy Maxime Laisney during a press conference at the National Assembly, where the organizers presented an appeal bringing together, according to them, nearly 150 signatories.

In its 2027 budget proposal, the government plans to finance up to 60% of the construction of the six new EPR2 reactors thanks to a loan mobilizing the regulated savings of the French, in particular those of the Livret A, up to 60 billion euros. The State would guarantee reimbursement and cover interest during construction, then provide a subsidiary of the EDF group with a fixed rate of 3% during operation. The Livret A, like the Sustainable and Solidarity Development Livret (LDDS), is one of the so-called regulated savings products. The funds placed there by savers earn 1.7%. This represents hundreds of billions of euros. Part of this savings is centralized in the Savings Fund of the Caisse des Dépôts, which finances social housing in particular.

“This deserves a debate and this debate is not taking place”

The collective believes that financing nuclear power with these funds, without prior consultation, would divert these resources from their social purpose and reduce the margins available to accelerate the construction and renovation of social housing. “This deserves a debate and this debate is not taking place,” regretted Dominique Plihon, from Attac, denouncing a “unilateral decision” by the executive, which “violates the rules of democracy”. The government assured in March that financing social housing would remain a priority.

The main article of the system, article 69 relating to the State guarantee, must be examined on Wednesday in the finance committee, according to Maxime Laisney, who fears recourse to 49.3 to have the budget adopted without a vote. Representatives of Attac, France Nature Environnement, Sud PTT and the Union of CGT unions from the Caisse des Dépôts group participated in this conference, alongside LFI parliamentarians, environmentalists and communists. Among them, the communist senator Fabien Gay, in favor of the six EPR2s, is nevertheless opposed to their financing by the Livret A.