Bill aims to find €60bn to plug deficit but opposition parties could demand concessions and even topple the administration

The new French government is facing its first major test in a hostile parliament as it tries to push through an austerity budget of spending cuts and tax increases on the wealthy and big companies aimed at saving €60bn (£50bn) and reining in a ballooning fiscal deficit.

The rightwing prime minister, Michel Barnier – who was appointed last month by Emmanuel Macron in an attempt to end the political paralysis following an inconclusive snap election – said France was facing a debt crisis and had to act.