Spain unveils

  • VAT increase 18%-21%
  • 8%-10% rise in reduced VAT rate on public transport, hotels and processed foods
  • Basic goods VAT on bread, medicine, books stays at 4%
  • Christmas bonuses suspended for public workers
  • Unemployment benefit cut from sixth month out of work
  • 30% cut in councillors in some areas

  • Subsidies cut by 20% in 2013 for political parties, unions and worker

    Madrid, Spain (TOE) – Spanish PM Mariano Rajoy has announced a