Alberto Núñez Feijóo’s Stance on Labor Reform and Bank Tax: Insights and Implications

Alberto Núñez Feijóo admits that the labor reform that his party opposed when it was led by Pablo Casado is actually a reformed with respect to the one applied by the Government of Mariano Rajoy, and that if he is elected president he will not touch it, in principle; In the same way, it is not expected that he will end the temporary bank tax set by Pedro Sánchez, and that the conservative leader criticized only a year ago, when he was already in charge of the PP, because “the citizens” would end up paying for it. The sector even fears that it will be established permanently, perhaps affecting more entities, although it is confident that at least the bill will go down.

It is difficult to determine if the tax has had an influence on the fact that Spanish banks are making so many changes with deposit rates: but Feijóo’s omen was not unreasonable at all. In practice, bank customers (that is, almost everyone) would be financing money that ends up in the General Budgets. To the extent that that money is used well, the tax will have been worth it.

The asymmetry of the impact of monetary policy drowns mortgage holders

If the effect of the increases in interest rates on prices and investment can take a year to be noticed, it is much faster in the Euribor and therefore in mortgages, even in advance.

It is the asymmetry of the impact of monetary policy, a particular law of the funnel that drowns citizens who are in debt at a variable rate and who at the same time must face the rise in the cost of living, while their salaries lag behind both indicators. They are the first to cut back on expenses that are not absolutely essential. Meanwhile, the central banks show no intention of relaxing.

The list of defaulters of the Treasury does not seem very effective

The former head of the soccer referees Enríquez Negreira enters and the former player Samuel Eto’o leaves. It seems like the narration of a party, but it is the list of defaulters from the Treasury, which every year triggers the morbidity to know which famous citizens fail to comply with their tax obligations. The team captain could well be the presenter Patricia Conde, a veteran of the relationship.

The fact that the aforementioned characters and companies continue to carry out their activity without major shocks (unless they have gone to jail, like the former vice president of the Government Rodrigo Rato, who leaves the list) indicates that the effect of the public signaling is more well limited. In Spain, owing money to the Treasury does not entail widespread social rejection.

the phrase of the day

China has $6 trillion in foreign exchange reserves, half of them hidden, and that’s a new kind of risk for the world economy.

Brad Setser, former US Treasury Department economist

The squatting of the main residence is as improbable as it is disturbing

It is very rare that one’s main home is squatted, but the damage involved in winning that unfortunate lottery (or the stoning of the second home) is so great that it is understandable that social fear is disproportionate in relation to the probability that happen. That is being taken advantage of by insurers, who are offering policies to cover against possible home invasions. Experts say that they will be very profitable.

Spain is one of the safest countries in the world, but the concern of citizens regarding the security of their properties should not be ignored. Added to this is the justified phobia of bureaucracy, no matter how minimal, that any administrative procedure requires, including reporting that you have been left homeless.

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