Industry and investment, Jean-Luc Mélenchon
Additional public investment, per year: €100bn of savings a year towards investment, €500bn in five years
Direction of change: increase, compared with current law.
The lever. Additional public investment announced, in billions of euros per year. Direction rule: ↑ higher investment.
« Alors l'idée n'est pas d'arriver à drainer 6 600 milliards d'euros, mais si chaque année nous arrivons à drainer 100 milliards d'euros pour qu'au bout de 5 ans nous ayons déjà eu 500 milliards d'investissements, la chose sera finalement assez, j'allais dire, positive et facile à faire. Première solution, et figurez-vous que ça tombe bien, parce que j'ai fait passer cet amendement aux commissions des finances il y a quelques jours, c'est le fait de relever le plafond du livret A à 30 000 euros. »1Translation by the editorsSo the idea is not to manage to channel 6,600 billion euros, but if every year we manage to channel 100 billion euros so that after 5 years we have already had 500 billion of investment, the thing will ultimately be quite, I was going to say, positive and easy to do. First solution, and as it happens this comes at a good time, because I got this amendment through the finance committees a few days ago, is raising the ceiling of the livret A to 30,000 euros.
Words of Éric Coquerel, MP, in charge of LFI's economic programme, Conférence de presse « Comment nous allons remettre de l’ordre dans les comptes publics » (vidéo), 14 October 2026. Words of Éric Coquerel, MP, in charge of LFI's economic programme, tasked by the candidate with carrying the programme: they commit the candidate.
Link to the candidacy: Alongside Jean-Luc Mélenchon, he presents the budget the candidate would have passed from 2027 through an amending finance act; he is responsible for his economic programme.
Encoding
No cost-schedule parameter for this position: see the costing for the reason.
Costing
Announced by the candidate
not announced
The cited source does not cost this measure.
Published costings
none
No external costing of this position recorded to date.
Our calculation
not costed
Savings plan whose public spending share is not stated: the €100bn a year is savings channelled (livret A ceiling raised to €30,000, livret B) into investment, without saying what share would fund public spending and what share loans or investments; nothing to cost on the balance (common rule, the same for Fabien Roussel; Gabriel Attal, who states the public share of his plan, remains costed). The “loans with no effect on the balance” reading, adopted until now (position counted at zero): a loan or an investment is not public spending; other reading, €100bn a year of public investment. The tax cost of raising the livret A ceiling (exempt interest), which depends on the additional outstanding amount, is not costed. The €200bn plan of L'Avenir en commun (p. 49), an older source, is not used.
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.
- Conférence de presse « Comment nous allons remettre de l’ordre dans les comptes publics » (vidéo), 14 October 2026. Words of Éric Coquerel, MP, in charge of LFI's economic programme. Words of Éric Coquerel, MP, in charge of LFI's economic programme, tasked by the candidate with carrying the programme: they commit the candidate. Read the source (Conférence de presse « Comment nous allons remettre de l’ordre dans les comptes publics » (vidéo)).
Contest this encoding (prefilled email; procedure and deadlines)