Government approves 2012 budget with 27 billion euros worth of cuts
Friday, March 30, 2012 @ 7:04 PM
The Council of Ministers has today approved the draft budget for 2012, which includes cuts totalling 27.3 billion euros by reducing ministerial operating costs by 16.9% and increasing corporation tax for large companies.
Deputy prime minister, Soraya Sáenz de Santamaría, announced that budget did not include any increase in VAT so as not to compromise consumers' purchasing power, and that it would maintain the current pension rates.
Furthermore, civil servants' salaries have been frozen, rather than reduced, there are no reductions in unemployment benefit and nor in other social benefits, like grants.
Read more at ThinkSpain.com