5 stories you may have missed

5 stories you may have missed

News roundup

4 minutes


In case you missed it, the Luxembourg Times has selected the top five news stories of the week.

In case you missed it, the Luxembourg Times has selected the top five news stories of the week.

Prime Minister Xavier Vettel (left) and Finance Minister Yuriko Backs (right) with the government’s 2023 budget proposal

Photo credit: Chris Karaba

Luxembourg faces crisis with historic deficit spending

On Wednesday, the Luxembourg government proposed running a historic €2.8 billion budget deficit next year as next year’s national elections approach.

In the €27.3 billion spending plan presented to parliamentarians by Finance Minister Yuriko Bax, almost half of central government spending goes to social security, subsidies, grants and transfers to social security. In addition, the 2023 budget proposal will increase public investment to a record high of his 3.8 billion euros.

“For a country like Luxembourg, outside of a crisis, such sums would be unthinkable. But in a crisis they are inevitable,” said Backes.

The increase in spending in 2023 is linked to the continued economic turmoil from the Covid-19 pandemic and the inflationary shock from Russia’s invasion of Ukraine in February, leaving the country’s debt at 24.6% of the current total economy. means to increase from In 2023 she will be 26.3% of GDP and in 2026 she will be 29.5%, she said.

Luxembourg MEPs condemn tax probe by their own commission

A member of the European Parliament in Luxembourg said he would not join next week’s fact-finding mission to investigate the Grand Duchy’s fight against tax avoidance, saying a visit by his own commission was a “waste of money”.

Christoph Hansen, a member of the opposition Christian Democratic Party (CSV), made the remarks during a debate at the European Parliament’s subcommittee on finance on Thursday.

The commission was discussing Luxembourg’s progress in cracking down on tax avoidance schemes ahead of its scheduled visit to the country next Thursday and Friday.

Describing the forthcoming visit as “wasting taxpayer money on tourism,” Hansen added: [fiscal subcommittee] We should focus on external tasks instead of blaming Member States. ” 5 stories you may have missed

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