Prime Minister Michel Barnier on Sunday opened the door to raising taxes on France's wealthiest individuals and some big corporations to help close a gaping hole in the public finances, but said he would protect the lower and middle classes.

French Prime Minister Michel Barnier has announced that he will not raise taxes on the majority of French taxpayers. However, he indicated that the wealthiest citizens would need to contribute to addressing the budget deficit.

French Prime Minister Michel Barnier said on Sunday that he would avoid broad tax hikes, opting instead for tax increases for high earners. Barnier's first major test will be to narrow the budget shortfall and submit a 2025 budget plan on France's financial situation next month.