In the last years of Louis XVI’s reign, French finances were in a parlous state. State debt had ballooned, its servicing became exorbitant, and France’s creditworthiness sunk. The need to raise taxes after years of profligacy forced the monarch to summon the Estates General – the first time since 1614 – to obtain their approval. A series of scandals linked to the monarchy fuelled popular anger. All ushered in the July 1789 Revolution.
Against a background of French debt at 112 per cent of GDP, a budget deficit of 5.5 per cent and the EU taking out special measures against France for persistently ignoring the EU stability pact, this week France’s independent auditing court poured petrol on the flames. They published a report criticising excessive expenditure at the Elysée Palace.
Money is the sinew of any state
French taxpayers annually pay more for the presidency (€110.5 million or £94 million in 2022-3) than the British for the monarchy (£86.3
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