Minister of the Economy and Minister for Development Cooperation & Humanitarian Affairs for Luxembourg.
Franz Fayot joined LSAP in 1994 and became its chairman in 2019. Before being elected, Minister Fayot was a barrister, appointed to Parliament in 2013 and 2018.
In Parliament, Franz Fayot assumed the role of rapporteur for the draft budget for 2015 and focused on public finances, cultural policy, as well as on social justice and poverty issues.
Following the cabinet reshuffle on 4 February 2020, Franz Fayot joined the coalition government and was appointed Minister for Development Cooperation and Humanitarian Affairs and Minister of the Economy.
Franz Fayot came from a very political family where his father was instrumental in his young thought processes on politics and how to fairly run a country.
In this interview, we start by talking taxes. Franz Fayot sets out his own views, and that of LSAP, on the need for change to the tax bands, to make it more fair between single, married and widowed people, with or without children. He believes the very wealthiest should be taxed more on income but also on actual asset wealth. LSAP believes inheritance tax should remain as it is.
Luxembourg's economy will be the focus of the ECO2050 conference next week:
The ECO2050 strategic vision: a foresight tool in support of economic diversification
There's an open invitation to all who are interested to attend on 26 September. Just register here:
Naturally we talk about the housing issues in Luxembourg and LSAP's ideas around how to potentially help this. We also talk about who can vote and whether more residents might be able to vote in the future.
Alongside the Ministry of the Economy, Franz Fayot is Minister for Development Cooperation and Humanitarian Affairs. It is perhaps the work here which has had the deepest impact on him personally. Indeed, Minister Fayot is just back from the UN General Assembly where the 17 Sustainable Development Goals set out in 2015, and adopted by all member states, are far from being reached.
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