The French dream of centralised grandeur is crumbling under its own weight. President Macron’s grandiose ‘Banquets of the Republic’ have become a fiscal calamity, exposing the inefficiency of state-led extravagance. While the Elysée Palace splashes out on Dom Pérignon and truffle-stuffed foie gras for 2,000 cronies, the UK’s stripped-down, market-driven approach to hospitality is paying dividends.
The contrast is stark: France’s bloated public spending is pushing its debt-to-GDP ratio towards 115%, while Britain’s leaner model keeps gilt yields lower than those of any eurozone nation bar Germany. Investors are voting with their feet. Capital is fleeing Paris for London, driving sterling to new highs.
The message is clear: the era of state-sponsored junkets is over. The market does not reward fiscal incontinence, and France is learning this the hard way. In the City, we have long known that a balanced budget is the only banquet worth celebrating.
