Tuesday 3 November 2026
Belgium's prime minister offers his resignation over a collapsed budget, and the king holds his decision while he consults the parties
Belgian Prime Minister Bart De Wever offered his resignation to King Philippe on Monday after overnight talks in his five party coalition collapsed over next year's budget. The king held his decision in reserve, the Royal Palace said, and began consultations with the leaders of the coalition parties on Tuesday. He will meet De Wever again on Friday. The coalition has argued for months over 10 billion euros, about 11.2 billion dollars, in spending cuts and tax increases that De Wever says are needed to steady Belgium's public finances. Without an agreement, Belgium would run next year on provisional spending rules, allowed to spend one twelfth of this year's budget each month. The European Commission forecast in May that Belgium's debt would reach 110.5 percent of gross domestic product this year, behind only Greece, Italy and France in the euro zone, with a deficit of 5.2 percent of GDP, as of May.
De Wever tendered the resignation during a 90 minute meeting with the king on Monday morning. The palace said the king regrets that no agreement has been reached on a credible budget, and that against a background of major geopolitical uncertainty and significant economic challenges, the country cannot afford a prolonged political crisis. Deputy Prime Minister Maxime Prevot of the centrist Les Engages said there was a 50/50 chance of new elections, and renewed his call for a contribution from people with substantial financial means. The split inside the coalition runs between the Flemish nationalist N-VA and the liberal MR on one side and their socialist and centrist partners on the other, over how much of the 10 billion should come from cuts and how much from taxes.
De Wever has warned for months of an interest snowball, in which Belgium borrows new money mainly to pay the interest on the debt it already carries. Belgium's 10 year bonds traded at a yield of 4.39 percent on Monday afternoon, against 4.90 percent for France and 3.29 percent for Germany, as of November 2. The coalition deadline for a budget deal had been set for Tuesday. If the king accepts the resignation on Friday, he can ask other parties to form a government inside the current parliament or call fresh elections.
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