Economy
Hungary EcoMin Varga gives press low-down on 2015 changes
For details of the 2015 budget, seeVarga highlighted the following changes next year:
Despite three elections taking place in the year 2014, the government was able to rein in the budget and meet the deficit target, Varga emphasised.
Péter Banai, who is in charge of budgeting, said MPs submitted as many as 510 modification proposals to the 2015 Budget Bill. Of these, 100 were endorsed by the government and eventually approved by Parliament.
This year's favourable economic data indicate that the government was conservative in its estimate of cornerstone budget figures, with various tax revenues possibly exceeding the target, Banai added.
"I trust Parliament has passed a stable 2015 budget. Whilst wages and pensions are set to rise, it will be possible to reduce government debt at the same time," he noted.
- Lower utility costs
- Lower mortgage payments
- Continued wage hikes
- HUF 39 billion to be spent on teachers' wage hikes, HUF 44 billion for law enforcement
- "GYED Extra" child benefit plan, along with the Job Protection Action Plan, to be continued
- Further expanding public works programme
- Additional utility cost cuts in 2016
- A "new era" for local governments, which, for the first time, are starting the new year without debt
Despite three elections taking place in the year 2014, the government was able to rein in the budget and meet the deficit target, Varga emphasised.
Péter Banai, who is in charge of budgeting, said MPs submitted as many as 510 modification proposals to the 2015 Budget Bill. Of these, 100 were endorsed by the government and eventually approved by Parliament.
This year's favourable economic data indicate that the government was conservative in its estimate of cornerstone budget figures, with various tax revenues possibly exceeding the target, Banai added.
"I trust Parliament has passed a stable 2015 budget. Whilst wages and pensions are set to rise, it will be possible to reduce government debt at the same time," he noted.
