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Date Published: 12/07/2022

ARCHIVED - Summary of new anti-crisis financial measures in Spain

ARCHIVED ARTICLE

The plan includes taxing energy companies and banks and creating more social housing in Spain

<span style='color:#780948'>ARCHIVED</span> - Summary of new anti-crisis financial measures in Spain

The President of the Spanish Government, Pedro Sánchez, addressed the debate on the state of the nation on July 12 and announced a number of new financial measures aimed at easing the burden of rising prices.

“The biggest problem is inflation,” the president summed up, before detailing his anti-crisis strategy to mitigate its impact.

Here are the main measures designed to “protect the middle and working classes”:

1. Tax on energy companies and banks

President Sánchez announced a temporary tax, to be applied in 2023 and 2024, on the “extraordinary profits” earned by electricity, gas and oil companies due to the rise in the price of hydrocarbons. In addition, banks will be taxed on the extra funds they’ve earned from rising interest rates. Through this measure, the government hopes to collect 2,000 million euros from energy companies and 1,500 million from the banks each year.

2. Public transport

Commuter and medium-distance travel will be free across Spain between September 1 and December 31. This is in addition to the 30% discount on urban and metropolitan transport announced earlier this month and will be compatible with the 50% bonus for the rest of the bus and metro services.

3. Scholarships

Students over the age of 16 who already have scholarships will receive an extra 100 euros each month. This measure will affect almost one million students between September and December.

4. Code School 4.0 Program

A new subject teaching programming and robotics will be introduced to schools for Infant, Primary and ESO students.

5. Housing

‘Camp Operation’ will be unblocked, allowing the building of 12,000 homes in Madrid, 60% of which will be used for social housing.

6. National Health System

The government will create a State Public Health Centre to improve the management of health emergencies.

7. Green energy

The Spanish government will provide new subsidies for solar panels and electric vehicles, as well as rewarding collective self-consumption. In addition, an unprecedented investment will be made in the Canary and Balearic Islands to ensure the decarbonisation of the region.

“One hundred percent renewable. No nuclear and no thermal power plants,” President Sánchez stressed.

8. Additional measures

New state regulatory framework for fire prevention and extinction personell
Short approval of the Sustainable Mobility Law and new Industry Law and Patronage Law.
Presentation of a new and improved CAP to promote the Spanish countryside.

The president summed up the meeting with a message of hope for the future:

“We have the fortune and privilege of living in the best country in the world. We have to shake off the fear of fear and we will move forward. When this happens, and it will happen, Spain and Europe will emerge stronger from this test,” he said.

Image: Pedro Sánchez

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