Michel Barnier, France’s new prime minister, is mulling over taxing “rich people or certain large companies” as he seeks to avoid a spiralling deficit ahead of a crunch budget.

French shipping billionaire Rodolphe Saade said his company is ready to contribute more tax to help repair France’s stretched public finances, indicating resignation may be setting in among some of the country’s wealthiest citizens to a shift in government policy.

French Prime Minister Michel Barnier has announced that he will not raise taxes on the majority of French taxpayers. However, he indicated that the wealthiest citizens would need to contribute to addressing the budget deficit.