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Oecd Wants Spain Tax Rises If Targets Prove Tricky

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Spain should raise taxes further if its budget plan goes off course and reforms to pensions and banks are vital to boost an economy which will remain weak for years, the Organisation for Economic Co-operation and Development said.

In a report published on Monday, the OECD said Spain was broadly on track to meet its 2011 deficit target but risks remained, such as a long period of weaker than expected growth. Gross domestic product could grow just 1.8 percent in 2012, compared with a government forecast of 2.5 percent, it said.

"If (the risks) materialise, additional consolidation measures may need to be contemplated to reach fiscal targets," the report said.

The cost of financing at Spain's debt auctions has soared over the past two months on investor concern it could need a bailout package like Ireland or Greece. The Treasury is due to hold its last debt auction of the year on Tuesday when it sells 3- and 6-month Treasury bills, with yields likely to rise compared with previous sales.

Pure comedy gold.

Aggregate demand? Still if that drops put up taxes some more eh?

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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