Tag: parliament

Greek parliament approves fresh austerity measures

Greek parliament approves fresh austerity measures

Greece’s parliament has today approved the fresh round of austerity measures – designed to save the country from defaulting on its debts. The measures were one of the conditions of the next instalment of its bailout loan. MPs passed the measures by 155 votes to 138. The latest austerity measures will according to Prime Minister [...]

June 29, 2011 | 0 Comments More
Greek PM faces confidence vote

Greek PM faces confidence vote

Later today, Greece’s Prime Minister, George Papandreou, faces a confidence vote after the crisis-torn country needs to introduce further austerity measures in order to avoid the euro zone’s first sovereign debt default. EU leaders are insistent that the PM secure support for the measures that are a condition of the latest instalment of financial aid. [...]

June 21, 2011 | 0 Comments More
Irish parliament approves austerity budget

Irish parliament approves austerity budget

The Irish Government has outlined its austerity budget, aimed at saving €6 billion in spending cuts and tax hikes, designed the trim the country‘s budget deficit. Ireland is aiming to save €15 billion (£13 billion) between 2011 and the end of 2014 – 11% of the economy‘s annual output. The measures are a condition of [...]

December 8, 2010 | 0 Comments More
Portugal’s parliament approves austerity budget

Portugal’s parliament approves austerity budget

Portugal’s parliament yesterday endorsed tough austerity measures - designed to deal with the country’s spiralling budget deficit. Many euro zone nations have introduced similar measures as they tackle large levels of debt. The new austerity budget is aimed at trimming the deficit from 7.3% of economic output in 2010 to 4.6% in 2011. However, the [...]

November 4, 2010 | 0 Comments More
VAT could rise to 20%

VAT could rise to 20%

The Labour Government is not ruling out a VAT rise but is set to pledge not to raise income tax rates for the lifetime of the next Parliament. These are two items set to be on Prime Minister Gordon Brown’s election manifesto today in Birmingham. However, while the PM is leaving open the possibility of [...]

April 12, 2010 | 0 Comments More
Greek parliament unveils plans to reduce debt

Greek parliament unveils plans to reduce debt

In an attempt to reduce its high levels of debt, the Greek parliament is to embark on major budget cuts. Greece, which is the euro zone’s weakest economy, has the highest debt of the 16-member bloc. Currently, its public debt stands at €300 billion (£268 billion). Concerns of the sheer size of Greece’s debt led [...]

December 24, 2009 | 0 Comments More
Chancellor warns of rising UK unemployment

Chancellor warns of rising UK unemployment

Addressing parliament today, Chancellor Alistair Darling warned that UK unemployment would continue to rise “for a while”. The latest official figures show that UK unemployment stands at 2.46 million - a rate of 7.8%. The Organisation for Economic Co-operation recently forecast that UK unemployment will increase to a rate of 9.3% in 2010 and to [...]

November 26, 2009 | 0 Comments More