German cabinet agrees budget framework
BERLIN (Reuters) Germany plans to gradually increase state spending until 2021 without Canada Goose sale net new debt, sticking to its goal of running a balanced budget despite canada goose outlet toronto factory international canada goose clearance sale calls to hike investment more strongly in infrastructure and defense.
German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid term plans for state spending canada goose outlet store locations until 2021 during Canada Goose Online a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch
Chancellor Angela Merkel cabinet on Wednesday passed the preliminary framework for the 2018 federal budget and its canada goose coats on sale fiscal plans until 2021 as suggested by Finance Minister Wolfgang Schaeuble.
Presenting the preliminary plans in Berlin, Schaeuble said it would be up buy canada goose jacket to the next coalition government, due to take office after a federal election in September, to adjust the fiscal plans and agree on the final budget.
But Schaeuble, a senior member of Merkel conservatives, made clear canada goose replica that he viewed it as a political achievement that Germany had managed to run a budget surplus since 2014.
the end of September, we canada goose clearance look back at a complete legislative period without net new debt, Schaeuble said, adding that it was important to keep canada goose public finances buy canada goose jacket cheap sustainable also in light of the demographic challenge of an aging canada goose deals society.
Germany canada goose clearance plans to boost overall spending by 1.9 percent to 335.5 billion euros in 2018, with the extra money going mainly to fund refugee cheap Canada Goose integration, canadian goose jacket development aid, defense and domestic security.
Defense spending will rise by 1.4 https://www.canadagoose-coats.ca billion euros to 38.5 billion euros in 2018, under the plans a figure that is projected to Canada Goose Jackets represent 1.26 percent of output, Schaeuble said. In 2016, the defense spending ratio stood at 1.18 percent.
German Finance Minister Wolfgang Schaeuble presents draft budget for canada goose coats 2018 and mid term plans for state spending until 2021 during a news conference in Berlin, Canada Goose Parka Germany, March 15, 2017. President Donald Trump has called on Germany and other NATO members to accelerate efforts to Canada Goose Outlet meet the alliance target of spending 2 percent of economic output on defense.
Public investment will edge down to 35.7 billion euros next year from 36.1 billion euros in 2017 before bouncing back to 36.2 billion euros in 2019.
In 2019 2021, the federal government aims to Canada Goose online raise overall spending by an additional 20 billion euros to 355.6 billion euros.
German Finance Minister Wolfgang Schaeuble presents draft budget for 2018 and mid term plans for canada goose store state spending until 2021 during a news conference in Berlin, Germany, March 15, 2017. REUTERS/Fabrizio Bensch
With tax revenues expected to keep rising and borrowing costs to remain low, the cabinet budget framework does not foresee the need for net new borrowing until 2021.
Schaeuble rejected international criticism about investment canada goose black friday sale levels being too low, saying Germany was hiking spending in infrastructure while sticking to national and international budget rules.
He reiterated that he saw scope for about 15 billion euros in tax cuts after the September election, adding that his focus would not be on reducing Canada Goose Coats On Sale the sales tax.
Germany is heading into a closely contested federal election 2018 canada goose outlet in September. A possible coalition government led by the center left Social Democrats could put greater emphasis on investment.
Reporting by Michael Nienaber and Matthias Sobolewski; Editing by Madeline Chambers and Gareth Jones.
