October 27, 2020

Calviño calls businessmen to “put their shoulders close” to his request that the government not raise taxes

The reiterated request of the employers of CEOE and Cepyme businessmen to the Government so that they do not raise taxes has found this Wednesday a reminder of the third vice president of Economic Affairs, Nadia Calviño: the great “unprecedented” use of public resources that have been allocated measures against the negative effects of the coronavirus pandemic on the economy, such as aid to companies and workers in ERTEs and liquidity and moratoriums provided to companies, among others. Calviño has called on employers to “shoulder their shoulders” in the recovery, just as society as a whole has done through the budget with public funds dedicated to protecting companies and workers.

These are the reforms that the EU requests from Spain in exchange for the 140,000 million of the recovery fund

These are the reforms that the EU requests from Spain in exchange for the 140,000 million of the recovery fund

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The third vice president’s message was part of her closing speech to the General Assembly of the employers of medium and small companies, Cepyme, chaired by Gerardo Cuerva. The leader of the small businessmen has demanded that the Executive does not raise taxes, since the employers consider that it is not “a solution to the crisis that we are facing, it will mean more ruin, it will mean closings, the disappearance of thousands of jobs”, Cuerva has stated. The president of Cepyme has also called to avoid that the teleworking legislation negotiated by the Ministry of Labor with unions and employers “falls into the temptation to make more costs fall to companies”, because in his opinion it will lead to this form of organization from work to “failure”.

Calviño has stated that the measures put in place, such as support for the ERTE and extraordinary unemployment aid for the self-employed, have generated a budgetary impact of 5% of GDP, and those aimed at providing liquidity, such as ICO guarantees, equivalent to 15% of GDP. “An unprecedented mobilization of public resources, essential, an effort of the whole of Spanish society that we will have to finance,” he said.

“Just as we have all been shouldering this extraordinary moment, we will all have to find a way to shoulder our shoulders also for recovery and that we can return to the path of budgetary stability and the reduction of public debt as soon as possible,” highlighted the economic vice president.

2,500 million for the Fond-ICO Global

Calviño has reviewed the measures that the Government has approved during the harshest moments of the pandemic and recalled that now policies to protect employment and companies must be combined with longer-term economic recovery and transformation measures, which contribute to the digitization of the economy and its environmental sustainability, in line with the conditions of the European recovery fund of 140,000 million euros.

The vice president has announced that the board of the Official Credit Institute (ICO) will tomorrow approve an increase in the ‘Fond-ICO Global’, the public venture capital fund of Spain, amounting to 2.5 billion euros for the next five years , to which will soon be added an allocation of 500 million euros to finance startups.

In addition, the Council of Ministers will formalize next Tuesday the agreement to launch the ICO guarantee line of 40,000 million euros after the first one has mobilized more than 90,500 million financing, of which SMEs and self-employed have staged 97% of operations has stated the vice president.

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