French Prime Minister Michel Barnier on Thursday announced a major concession in a bid to end a standoff with the opposition over the budget, which has caused jitters on financial markets and risks bringing down his minority government.

In a U-turn, Barnier told the Le Figaro daily that a previously planned increase for an electricity tax would no longer be included in the budget.

"Almost everyone asked me to make a change," from among his own right-wing ranks and the left-wing and far-right opposition, Barnier said.

The far right under Marine Le Pen, which as a parliamentary bloc holds the key to the government's survival, welcomed the move but said more needed to be done and reiterated a warning it could topple Barnier.

Months of political tensions since Barnier was named prime minister in September, at the helm of a minority government appointed by President Emmanuel Macron in the wake of snap parliament elections, are coming to a head over the budget.

The opposition on all sides of the spectrum have denounced the budget, prompting Barnier to consider brandishing article 49.3 of........

© International Business Times