Germany unveils €130bn coronavirus recovery package
Tax and spending measures are designed to provide country with big economic boost
Germany has unveiled a 130bn (116.4bn) package of tax and spending measures designed to boost the country's economic recovery from the coronavirus crisis.
Announcing measures to drag Europe's largest economy out of recession as lockdown measures are removed, Angela Merkel's government said it would use the package of sweeping temporary tax cuts and increase benefits to turbocharge its recovery.
A temporary VAT cut from 19% to 16%, from 1 July until 31 December
A 300 one-off payment for every child in the country
A 50bn fund to address climate change, innovation and digital technology
A 25bn loan support programme for small firms that have seen their sales drop by more than 60% for June to August. This could be a particular boost for bars, restaurants, hotels and other hospitality businesses.
10bn for municipalities struggling with lower tax receipts, with public spending on infrastructure and housing.
Continue reading...