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Spanish cuts PDF
Wednesday, 11 July 2012 00:00
 

Spanish prime minister, Mariano Rajoy, today announced a series of austerity measures as the price of the European bailout of Spain's banking sector. Read on for a round-up of the main measures:

 

• Reform of public administration, cutting €3.5bn
• A "drastic reduction" in the number of local public companies, and a reduction in the number at national level
• "Corrective mechanisms" for regional spending, and a new liquidity mechanism to help fund Spain's regions
• Civil servants benefits will be cut, and senior workers will lose the Christmas bonus. Further cuts at ministries are planned.
• Funding for unions and political parties will fall by 20%
• A review of unemployment benefits
• VAT will rise to 21%, from 18%. Property tax breaks will be eliminated, and 'indirect taxes' on energy will be raised
• Income tax will be cut
• State assets including airports and railways will be sold off

It looks like tough times ahead.

Tags: spanish cuts, mariano rajoy, austerity, European bailout, VAT, IVA, paul whitelock, This e-mail address is being protected from spambots. You need JavaScript enabled to view it , www.a1-solutions-spain.com, www.a1-holidays-spain.webs.com

 

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Paul Whitelock

Paul is a Joint Honours graduate in Spanish and German, a qualified teacher (PGCE) and has a Member of the Institute of Linguists (MIL) qualification.

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