{"text":[[{"start":7.22,"text":"French far-right leader Marine Le Pen on Thursday pledged sweeping cuts to public spending if she wins next year’s presidential election, as she sought to reassure business leaders who are wary of her party."}],[{"start":19.58,"text":"During a first presidential debate, seven candidates clashed on how to tackle France’s high debt level and finance the pensions system, laying bare stark divides over economic issues that are unnerving investors."}],[{"start":32.54,"text":"France’s government is straining to reduce the country’s budget deficit, which at more than 5 per cent of GDP is among the highest in the Eurozone."}],[{"start":41.02,"text":"Le Pen, the frontrunner in next spring’s election in what will be her fourth run for the presidency, is seeking to shed the Rassemblement National’s “big spending” reputation as she tries to woo companies that have long been sceptical of her party’s policies."}],[{"start":54.3,"text":"“I’m extremely concerned about the trajectory of our debt,” Le Pen said, telling the debate organised by Medef, France’s main business lobby group, that the state would have to “drastically” cut spending."}],[{"start":66.04,"text":"She said for the first time that she backed the idea of a balanced budget rule — a legal brake on spending versus income — but she did not provide details."}],[{"start":74.9,"text":"The RN would present a plan for €125bn in savings ahead of parliamentary debate about France’s 2027 budget, she said, including cuts to welfare benefits for immigrants as well as reductions in payments to the EU."}],[{"start":88.94,"text":"That contrasted with a suggestion this week by far-left presidential candidate Jean-Luc Mélenchon that the European Central Bank should cancel the French debt it holds and “throw it in the fire”."}],[{"start":99.02,"text":"He doubled down on this idea during the debate, while quipping that other radical measures to reduce the deficit could include ending all subsidies to companies."}],[{"start":107.54,"text":"Le Pen’s and Mélenchon’s proposals drew criticism from rival presidential candidates including Édouard Philippe and Gabriel Attal — both former prime ministers under the outgoing president Emmanuel Macron — for being unviable or “dangerous”."}],[{"start":120.74,"text":"Medef members applauded when Raphaël Glucksmann, a candidate on the centre-left, decried Le Pen’s fiscal plans, saying stopping all immigration would hurt the economy."}],[{"start":131.22,"text":"But opinion polls have consistently predicted Le Pen making the run-off in the two-round presidential election, with recent surveys even showing she could beat the centre-right Philippe."}],[{"start":141.24,"text":"In recent days, surveys have also shown Mélenchon potentially being in a position to make the second round against Le Pen, although there are still eight months to go to polling day and a crowded field of candidates."}],[{"start":154.5,"text":"That has sharpened attention on the far-left and far-right proposals at a time when investors are jittery about France’s public finances."}],[{"start":162.74,"text":"Le Pen is seen as less palatable to business bosses than her protégé Jordan Bardella, who has met with companies and is seen as more flexible on some key RN policies, such as a longstanding push to roll back the retirement age."}],[{"start":177.06,"text":"But in July Le Pen ended speculation that Bardella might become the RN presidential candidate after a court cleared her as eligible to run by shortening an electoral ban, even as it upheld a conviction for the embezzlement of European parliament funds."}],[{"start":192.16,"text":"On Thursday, François Durvye, a Bardella adviser who had been working on softening the RN’s position on pensions and facilitating meetings with blue-chip companies, quit Le Pen’s campaign, a person familiar with the matter said. The story was first reported by Le Figaro."}],[{"start":209.02,"text":"Le Pen on Thursday stuck by her position on pensions reform, saying she wanted to roll back the retirement age to 60 for people who had begun working before the age of 20, and leave it at 62 for others."}],[{"start":220.68,"text":"“Some of you will be disappointed but the Bardella smokescreen [on economic policies] has definitely fallen,” Attal told the debate."}],[{"start":229.42,"text":"Macron’s bid to raise the retirement age to 64 — a reform that sparked mass protests — was suspended last year during parliamentary budget negotiations."}],[{"start":238.5,"text":"Additional reporting by Leila Abboud"}],[{"start":245.14,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1787881099_7100.mp3"}