Spain announced the adoption of new rigid economy measures to reduce the budget deficit with the aim of saving €65 billion in nearest 2,5 years. In particular, VAT was increased from 18% to 21%, while the unemployment benefit was cut, according to Mariano Rajoy, Spain’s Prime Minister. He also added that these measures are not pleasant but they are necessary.
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With the purpose of decreasing country’s budget by 65 billion euros the Spanish Prime Minister Mariano Rajoy has reported about raising sales tax. The growth of the value added tax will make up 3% (from 18% to 21%), so the reduction to the local authority budgets will amount to 3.5 billion Euros.
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Tesco’s sales in the UK have experienced a sharp decline in just these few months. The retailer has said that this is not just something that Tesco is experience but it is an overall downward trend in the industry. Many are saying that excluding both VAT and Petrol there has been an overall decline of around 1.5% in just these past 13 weeks to the 26th of Many. However, Tesco is describing their performance as being steady and also said that it was outperforming the much wider sector. Tesco was happy to announce an increase of global sales by 2.2% even though the overall consumer confidence can be considered subdued towards all markets.
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Chancellor George Osborne has said that speculations about the possibility of Greece leaving the Eurozone is destabilizing other European economies that have shrunk or struggling to generate near zero growths because of the recession. The rejection of the Greeks’ proposal to renegotiate the bailout deals only intensified talks about the country’s departure from the euro.
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