Marine Le Pen’s plan for France is a recipe for stagnation

Big business will be brought onside. The bond markets will be mollified. And there will be plenty of reassuring words about dealing with the budget deficit. With the first round of voting in France’s parliamentary elections set for this week, Marine Le Pen’s Rassemblement National is preparing for government. This week it has set out a programme designed to keep investors, if not exactly happy, at least under control. There is just one catch. It is also a programme for stagnation – and that means France’s out-of-control debts are going to grow and grow.

Nothing that Bardella is proposing will do anything to lift France out of its rut

With only a few days left before voting, it looks increasingly likely that Le Pen’s RN will win power, with either an overall majority or a leading role in a coalition. Jordan Bardella is likely to become Prime Minister. The party has clearly decided to avoid ‘un moment Liz Truss’ by crafting an economic platform designed to keep the bond markets onside.