Industry and investment, David Lisnard
Additional public investment, per year: Road, rail and digital plan against isolation, no amount
Direction of change: increase, compared with current law.
The lever. Additional public investment announced, in billions of euros per year. Direction rule: ↑ higher investment.
« Pour ne plus dépendre trop largement de la métropolisation économique, la lutte contre l’enclavement de certaines zones géographiques à l’écart du développement doit passer par un plan d’investissement dans les infrastructures routières et ferroviaires ainsi que le déploiement du réseau FFTH ou/et l’internet par satellite. »1Translation by the editorsSo as no longer to depend too heavily on economic metropolisation, the fight against the isolation of certain geographical areas left out of development must involve an investment plan for road and rail infrastructure as well as the roll-out of the FFTH network and/or satellite internet.
Encoding
No cost-schedule parameter for this position: see the costing for the reason.
Costing
Announced by the candidate
not announced
The programme does not cost this measure.
Published costings
none
No external costing of this position recorded to date.
Our calculation
not costed
Infrastructure plan with no amount: nothing to cost.
Current law, sources and limits of the cost schedule
Current law. There is no national rule setting the level of public investment. The 2024 European fiscal rules (net expenditure path) apply. General government GFCF amounts to €132.2bn in 2025 (Insee, annual national accounts, base 2020), i.e. about 4.4% of a GDP of €2,991.1bn.
Horizon. Spending in a full year, static: €1 announced = €1 of deficit, before any feedback effect on growth.
Limits. Most public investment is carried out by local authorities: a State commitment is only met if it goes through grants or State appropriations. Beware of double counting with the rail, renovation, EPR2 (a loan is not public investment), France 2030 and defence levers. A plan that goes partly through loans, guarantees or capital injections weighs less on the deficit: the Institut Montaigne (2022) estimated, « à la lumière » [“in the light”] of the investment-for-the-future programmes, that €200bn over five years would weigh only €29bn per year on the deficit (72.5%). These financial transactions weigh on the debt, which the cost schedule counts separately; the parameter applies only to investment spending, and this judgement on the composition of a plan is not a bound of the coefficient. Multiplier effects are not included in the central figure (rule of the method). Provisional Insee data, subject to revision. Common rules of 18 October 2026: an announced envelope is taken at the candidate's amount, converted to an annual figure over the duration they give or, if they give none, over the five-year term (five years); a fund lent by the Caisse des dépôts, Bpifrance or regulated savings (public banking hub) is read as having no effect on the balance (low reading: position counted at zero and marked as an assumption), the reading as public spending being cited in the note.
- Comptes nationaux annuels en 2025 (Insee), 2026-05: « FBCF « administrations publiques 5,4 5,3 2,6 132,2 1,0 3,7 0,1 » (132,2 = milliards d'euros 2025) ; le PIB « atteint 2 991,1 milliards d'euros » »
How to read these amounts. These are static costs and revenues, with no feedback effect, over a full year: nothing on growth, employment or the revenue that economic activity would gain or lose. A higher net cost does not on its own make a worse policy, nor net savings a better one: each programme rests on an economic model (demand-led stimulus, lower compulsory levies, consolidation of the public accounts…) that the cost schedule does not settle. GDP itself measures a volume of activity, not well-being or the usefulness of what is produced. Economic models and feedback effects.
- Nouvelle Énergie, programme « Réussir une nouvelle ambition française » (page non datée). Read the programme page.
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