**Le Pen Seeks to Woo French Business Leaders at First Presidential Debate**
In a high-stakes presidential debate held on Thursday, far-right leader Marine Le Pen aimed to appeal to France's business community, pledging to restore public finances if elected in the upcoming 2027 elections. The debate, organized by MEDEF, France's main business lobby, featured Le Pen alongside other prominent candidates, including hard-left contender Jean-Luc Melenchon, former Prime Minister Edouard Philippe, and centre-left candidate Raphael Glucksmann.
The event began on a cordial note, with candidates exchanging smiles and handshakes. However, tensions quickly escalated as contenders began to challenge each other's economic proposals, particularly concerning issues of public debt and pensions. Le Pen emphasized the need for drastic cuts to government spending, stating, “The government must drastically cut its spending,” when asked how she would address France’s financial challenges.
In contrast, Melenchon proposed a more radical approach, suggesting that he would "chuck" some of France's debt into the fire, a statement that drew sharp criticism from his rivals. Le Pen reaffirmed her commitment to repaying the nation's debt, highlighting the precarious state of France's public finances, which have been exacerbated by the COVID-19 pandemic. Currently, France holds one of the highest fiscal deficits in the eurozone, with national debt reaching 117% of its output.
Opinion polls indicate that Le Pen is in a strong position ahead of the election, with predictions suggesting she will secure a significant lead in the first round scheduled for April. Analysts also speculate that Melenchon could emerge as her main rival in a potential run-off, although some forecasts point to Philippe as a contender for the second round.
The debate served as a critical moment for Le Pen, who has faced skepticism from business leaders regarding her economic policies. She announced that she would reveal more details about her economic program in the coming weeks, aiming to alleviate concerns among the business community.
During the debate, Glucksmann received applause for his critique of Le Pen's immigration policies, arguing that reducing immigration would not resolve France's financial issues. The discussion also featured a clash between Le Pen and former Prime Minister Gabriel Attal, a centre-right candidate, over the implications of national debt.
Investor sentiment was notably cautious ahead of the debate, with blue-chip French stocks dipping to a one-month low as concerns about the upcoming budget and political risks loomed large. Melenchon suggested eliminating all business subsidies as a means to reduce the deficit, a proposal that Philippe labeled as dangerous, advocating instead for longer working hours for the French populace to stabilize public finances.
An opinion poll conducted by OpinionWay for MEDEF revealed a prevailing sense of pessimism among business owners, with 82% expressing doubts about the economic impact of the next president's policies, regardless of who that may be. This sentiment underscores the challenges facing the next administration, particularly as France prepares for a contentious annual budget battle in the coming months.
The current minority government, led by Prime Minister Sebastien Lecornu, is expected to set its deficit target for 2027 shortly and must present a budget bill to parliament by October 6. As political parties position themselves ahead of the election, the need for a clear and effective strategy to regain control of public finances becomes increasingly urgent.
In addition to Le Pen, Melenchon, and Philippe, the debate also featured contributions from Greens leader Marine Tondelier and conservative leader Bruno Retailleau, further highlighting the diverse array of perspectives on France's economic future.
As the election draws nearer, the discourse surrounding public finances, economic policy, and the role of immigration in shaping France's fiscal landscape will remain at the forefront of political discussions, with business leaders keenly observing the candidates' proposals and their potential impact on the economy.