Speech by Elisabeth Borne at Medef: employers remain "unsatisfied", says Patrick Martin

Can do better. The day after the Prime Minister spoke at the meeting of entrepreneurs in France - Ref 2023 -, at the Longchamp racecourse, the boss of bosses was cautious. Asked about BFM Business this Tuesday morning, Patrick Martin first welcomed the “pro-business assumed” position of Elisabeth Borne, adding however to remain “a little on [his] hunger”, at this stage, on several burning issues.

Unsurprisingly, the president of Medef remains headwind against the postponement of the abolition of the CVAE, yet promised by the executive on many occasions. The position of France, and its reluctance to lower taxes, weighs on its attractiveness, while the United States increases its investments, or that Germany, “by tens of billions of euros, subsidizes foreign investments on its territory”, pleaded Patrick Martin. “France is not an island”, and postponing the abolition of the CVAE risks causing the country to “fall behind”. Many companies had also integrated the abolition into their decisions, "including investments", underlined the representative of employers. "When something is said, [...] we integrate it, and we take it literally and figuratively at face value," he said.

A little earlier, its vice-president, Fabrice Le Saché, said he felt a "brake" of activity. In this context, "it's not a good signal" to go back on the word given, while business leaders were counting on the abolition of the CVAE, he noted. The representative also denounced a "penknife stroke in the contract", stressing that the tax cuts generated tax revenue for the State, thanks to the economic dynamics generated.

Similarly, the Medef intends to jealously defend the excess reserves of Unédic, which the State would covet to bail out its own accounts. "Essentially, these surpluses are due to job creation and wage increases by companies", and "two-thirds of Unédic's revenue comes from company contributions", argued Patrick Martin. In addition, the surpluses must be translated in part by "reductions in unemployment contributions, to date paid only by companies", he added, and Unédic must deleverage. So many points that the government should take into account.

However, despite these tensions, Medef wishes to remain constructive and “in a relationship of trust” with the State. "Inevitably, we have disagreements [...] but the attitude in which I position myself [...] is that the company be considered as a solution", pleaded its president. It remains to be seen whether Bruno Le Maire will be able to reassure employers: the Minister of Economy and Finance is expected firmly at 11:30 a.m. this Tuesday during a “conversation” at the REF.