No time to relax

THE days of fiscal relaxation are numbered.

The European Commission (EC) announced that it will no longer turn a blind eye to countries that exceed their debt limit stipulated by EU regulations­

In recommendations to members states issued by Brussels on Thursday May 25 Spain ­ along with 13 other EU countries ­ will be placed under fiscal surveillance in spring 2024 owing to its excessive debt. deal has yet to be signed, proceedings have progressed from negotiations to drafts and outlining how the project is to be presented, sources close to the initiative have said.

According to Brussels’ forecasts, Spain’s debt will rise to €50 billion, 4.1 per cent of its gross domestic product (PIB) by the end of this year, although the Spanish government places it at 3.9 per cent.

Whichever figure is accepted, this is still above the EU’s 3 per cent threshold.

The plant will be the most significant investment in UK car manufacturing since Nissan came to Britain in the 1980s, industry insiders said, and will create up to 9,000 new jobs.

Money was not mentioned, and while the government has not confirmed subsidies of around £500 million (€576.8 million), “hundreds of millions of pounds” will be involved, the BBC said.

Tata has important UK steel interests which include its Port Talbot plant in South Wales and the government will offer approximately £300 million (€346.1 million) to subsidise, upgrade, and decarbonise operations there.

The two investments will not be announced simultaneously but are linked, government sources confirmed.