Spain’s 2023 Budget overcomes first approval hurdle

SPAIN’S 2023 Budget overcomes first approval hurdle on Thursday October 27 when proposed amendments were rejected by the Lower House.

Having to rely on the support of political parties that do not form part of the Government is to some extent a gamble but it appears that at the moment the Government can rely on support from the minor parties.

In Parliament the Minister of Finance and Public Administration, María Jesús Montero, thanked the political groups that voted against the amendments to the public accounts and said that she would continue, during the coming weeks, to negotiate with those parties in order to ensure approval of the Budget, incorporating any improvements that may be agreed upon during the process.

During the full debate that took place in Congress, Minister Montero argued that the 2023 General Budgets are essential to send a message of economic stability in a context of uncertainty due to the Russian invasion of Ukraine.

It prioritises social justice, by strengthening the Welfare State and will allocate six out of every €10 to social spending and economic efficiency that will promote inclusive growth, the creation of quality employment and the transformation of industry thanks to the European Recovery Fund.

During her speeches, the minister made it clear that the 2023 Budget valued as €274.445 billion include measures that benefit the middle and working class, protect vulnerable groups and help the productive fabric.

At the same time, the accounts maintain the commitment to fiscal consolidation by reducing the deficit and public debt, which will continue their downward path.

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