Spain has raised its cigarette tax, cut wind power subsidies and brought forward pension reform
Friday, 3 December 2010
16:33
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Labels: cut wind power subsidies and brought forward pension reform , Spain has raised its cigarette tax
Labels: cut wind power subsidies and brought forward pension reform , Spain has raised its cigarette tax
Spain has raised its cigarette tax, cut wind power subsidies and brought forward pension reform in the latest measures to reduce the budget deficit and convince financial markets that the country has embarked on fundamental economic improvements.
Prices of sovereign bonds issued by Spain, Portugal and other “peripheral” eurozone economies fell sharply early in the week amid fears of debt defaults following the rescues of Ireland and Greece. But they recovered after the European Central Bank made large-scale bond purchases on Thursday.
Spain has sought to restore confidence in its solvency with a steady stream of announcements regarded as positive by investors, and has said it is on track to cut the budget deficit from 11.1 per cent of gross domestic product in 2009 to 9.3 per cent this year and 6 per cent in 2011.
Elena Salgado, finance minister, said after the weekly cabinet meeting on Friday that the increased tobacco tax would raise an extra €780m a year assuming constant consumption.
A separate government announcement confirming a 35 per cent cut in windpower subsidies said a new alternative energy plan would save €1.1bn up to 2013.
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