The French government is seeking deep spending cuts and higher taxes in an effort to tame its ballooning debt and deficit.

France's belt-tightening budget is meant to regain control over its "colossal" debt burden, Finance Minister Antoine Armand said on Friday, adding that the government was keeping a close eye on the views of financial markets.

As France attempts to balance its books, the 2025 budget has been unveiled - including tax hikes for the rich and for businesses, higher electricity bills and cuts to the state-funding of healthcare.