It has emerged today that a new wave of 2012 budget saving measures have been designed by President Sarkozy’s government in France
to help meet the country’s deficit reduction targets which will include speeding up its higher retirement age. The rise in retirement period from 62 from 60 planned in 2018 before hand is likely to be moved forward to 2016 or 2017 and likely to raise further noises of displeasure within the French population.
Today’s news shows the growing difficulty which individuals seeking mortgages for pensioners face in the current climate. As France last week lowered its growth projections for 2012 to 1% from the 1.7% previously quote, senior officials within Paris have indicated that the savings plan to be announced today is likely to include the acceleration of the rise in the French retirement age.
The plan throughout France has already seen wide unrest and protest when it was first introduced. Although the Sarkozy centre-right government has survived the initial wave of unrest throughout the nation, the moving forward of the retirement age is likely to bring further sounds of discontent throughout the region.
With France in the economic perils it currently finds itself in, today’s plan has raised the need for further belt tightening measures by the French President. As Europe continues to struggle and France becomes ever more reliant on the troubles in Greece, Spain and Italy, it is hoped that individuals seeking mortgages for pensioners within the UK will not continue to be hampered by strict criteria within the marketplace.