Tag: Budget
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China to increase its defence budget by 7.2% in 2025
China’s National People’s Congress has approved a 7.2% increase in defence spending for 2025 raising the total official estimate to $249 billion. However, US government estimates of Chinese defence expenditure are much higher. China already has the largest army in the world along with the largest navy, but China is augmenting its defences to increase its…
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President Macron names Francois Bayrou as Prime Minister: to propose a budget to the Legislative Assembly
President Emmanuel Macron named previous Justice Minister, Francois Bayrou as Prime Minister following the resignation of Premier Michel Barnier, who resigned after a vote of no-confidence. His first task will be to ensure to pass on the budget legislation for next year which the Opposition is challenging with regard to the rising deficit. Prime Minister…
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The Nationalist Opposition is echoing the Government’s own narrative on the Budget
The Nationalist Party has issued various statements about the Labour government’s Budget for 2025, many of them signed by their spokesperson on finances Graham Bencini. Their latest statements is a critique on the government’s tax reductions for the middle-class which are not substantial. According to the government’s budget, taxable income has been raised from €9,100…
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PBS urges urgent Court hearing on PN’s objection to budget information ads
The Public Broadcasting Services (PBS) has filed a motion in the First Hall of the Civil Court, requesting an urgent hearing on the Nationalist Party’s (PN) objection to government budget information ads. The PN claims that a promotional spot aired on 27th to introduce budget themes was politically biased and, therefore, inappropriate for broadcast. PBS…
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Despite the grand rhetoric from Labour, the government’s finances represent a risky social-liberal gamble against a backdrop of corruption
Malta already has a liberal taxation regime compared to other European countries. Although no one will object to having their taxes reduced, the big talk sounds ridiculous when you consider what’s actually going on behind the rhetoric. The government is taking a risky bet in social-liberalism by increasing government expenditure, reducing taxation and pushing to…
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Energy subsidies cut by more than half
The government has slashed funding for the Ministry of Energy and the Environment by more than €150 million with most of the cut coming from energy subsidies. The vote for energy subsidies has been cut from €320 million to €152 million for this year. The Minister of Energy Miriam Dalli is nearly single-handedly responsible for…
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GWU unveils 2025 Budget proposals: Prioritizing workers’ rights, economic growth, and social equity
The General Workers’ Union (GWU) has revealed its comprehensive proposals for Malta’s 2025 Budget, aiming to shape a national vision focused on improving citizens’ quality of life. The proposals, presented during a press conference at the Workers’ Memorial Building in Valletta by GWU Secretary General Josef Bugeja and President Victor Carachi, cover a wide range…
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Surprisingly, the MDA acts as the adult in the room
What’s up with the logo of the Malta Developers Association? It looks like the pattern of the socks my grandma use to give me for Christmas. In any case, the MDA seems to be acting like the adult in the room in contrast to the more self-interested Malta Chamber of Commerce. The MDA is actually…
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Why is the government spending more?
Yesterday, Nationalist MP and Shadow Minister for Finance Graham Bencini published a post on the government’s finances where he said that the government is spending up to €590,000 daily on interest rates on around €9.5 billion in debt, €4 billion of which have been accumulated during Robert Abela’s administration. Now, of course interest rate payments…
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Gas prices are surging and Miriam Dalli’s trade is still in the red
For the sake of my country I had hoped I was to be finally proved wrong on Miriam Dalli’s horrible gas trade when yesterday during the morning, gas prices surged around 15% higher. Miriam Dalli’s gas trade is still in the red because oil prices have fallen by just 11% while gas prices have fallen…
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On inflation and saying one thing and doing another
Ever since taking office, Clyde Caruana has insisted on the principles of financial austerity as budget expenditure kept ballooning. As of last year, he began making dire warnings that budget expenditure was going too high apart from disapproving of lavish and capricious government expenditure. He also said that he wanted to reduce the deficit and…
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Explaining Clyde Caruana’s plan
There is a lot that can be discussed and analysed in the very brief interview with Minister for Finances Clyde Caruana. Not only does he clearly dissociate himself from the reckless expenditure of the government, but he also admits that he is powerless and that the Finance Ministry has been simply reduced to an accounting…
