For companies and citizens, is your roadmap to know what framework they will move and may be fulfilled their expectations. That is, if there are ups and downs of public salaries, pension increases, spending for unemployment, funding for training, technological innovation or investment in infrastructure and tax increase or decrease.
It is therefore very important that income and expenditure numbers are objective and balanced, because they must not only serve to give confidence and credibility indoors, but also and very importantly, to the outside, from where will watch carefully whether the accounts are sanitized, they are stable and can cope with expenses such as interest on the public debt incurred. They are numbers that will affect investment decisions and consumer and which ultimately will translate into more fundamental to finance social spending tax revenue, that is, our health, education, pensions or dependency and ultimately, our Welfare State .
key issue is also the reduction of the public deficit. It is a priority to the need to contain the growth of public debt, which is nearly 100% of GDP in 2015, which will put the Spanish public sector as one of the most indebted in Europe. We must not overlook the consequences of having a high level of debt: an increase in interest burden, the amount could be devoted to other policies, and increased vulnerability of the Spanish economy to bouts of uncertainty in financial markets <. / p>
For these reasons, it is appropriate effort to correct the public deficit of the Spanish economy, among others recognized by the European Commission, and is very successful commitment of PGE-2016 compliance with the deficit target public of 2.8% of GDP, which will allow Spain to exit the excessive deficit procedure. Looking back, between 2009 and 2014, this has been reduced from 11% of GDP in 2009 to 5.8% of GDP in 2014 (excluding aid to financial institutions). In 2015, you could drop a point and additional means, to 4.2% of GDP, a target that our partners have very into account when assessing the ability to meet commitments.
doubt that the stage of recovery of the Spanish economy contributes to the process of fiscal consolidation and holds the figures of income and expenses that arise in the PGE-2016. As for tax revenues it is expected to increase 4% over budgeted in the PGE-2015 and 6.2% on the progress of collection of 2015, a figure that seems reasonable. This level of revenue was about, except for the income tax, than in 2007, before the start of the crisis.
Opportunity Tax Obtaining a similar fund with lower levels of economic activity and employment was achieved through a significant increase in the tax burden. In this sense, the best collection figures should be exploited to undertake tax cuts that mainly affect the business sector and promote investment and job creation, strengthening and accelerating economic activity. This will allow medium-term recovery of tax bases and hence sustainable increases in tax revenue. Along with this, we should carry out a clear and firm commitment to combat and eliminate tax fraud as harmful and pernicious shadow economy in our country above the EU average. This would make the tax system fairer and distribute the tax burden more equitably.
On the side of expenses, the PGE-2016 should be the instrument for fiscal policy to increase the competitiveness of the Spanish economy and, crucially, generate employment, our tragic Achilles heel. For this purpose, guidance or reinforcement of budget expenditure items aimed, on the one hand, investment in physical, human and technological capital needed, and secondly, industrial policy and promotion abroad. However, as has been the case throughout the crisis period, except for 2015, the budgetary adjustment is kept for policies affecting economic activity, which fell by 6.6% in 2016 and lose weight consolidated in total expenditure.
It is also desirable to deepen the reform of the public sector to gain efficiency and improve the functioning of government and influence the structure of spending through improved efficiency in the provision of public services because there is scope for intensifying public-private partnership in the provision of those services. This not only achieved to reduce public spending, but also gains in quality and service efficiency.
Ultimately, the PGE-2016 brings a change in policy setting, without neglecting the plausible priority to continue efforts at fiscal consolidation policy reorient spending toward the social aspect and not sufficient resources are allocated to increase the competitiveness of the Spanish economy.
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