This is my latest update of the British pound to euro exchange rate, covering the 6th to 13th April 2012 period. This is intended as a brief guide to what’s affected the exchange rate in the last week, to help you decide if now is the best time for you to change currencies. I wouldn’t blame Spanish Prime Minister Mariano Rajoy for feeling a little disgruntled right now. Like a good student, he has listened to the teachings of his EU professors and announced spending cuts of some €28 billion, not to mention €10 billion more in so-called efficiency savings in health and education. Has this restored market confidence in Spain? Not an inch. In fact, since announcing these measures, banded … [Read more...] about Pound gains as Spain teeters on the brink
Spanish deficit
Andalusia election gives Rajoy a reality check
Mariano Rajoy’s Partido Popular (PP) may have won the most seats of any party in Sunday’s regional election in Andalusia, but he will view the result as a resounding failure. Rajoy’s conservatives finished the vote count with 50 seats, compared with the Socialists’ 47. In the Socialists’ biggest regional stronghold, that might look like a triumph, but with the United Left (IU) taking 12 seats, the left did enough to govern in coalition. This election came three months into the tenure of Rajoy as prime minister and was seen as a gauge of his national government, as much as the performance of his Andalusian candidate, Javier Arenas. Andalusia has enormous symbolic significance. Ever … [Read more...] about Andalusia election gives Rajoy a reality check
Read my lips: Why did Rajoy break one of his few campaign promises?
“My intention is not to raise taxes.” It’s a line that Mariano Rajoy’s critics will repeat back at him for years to come. Much like George H. W. Bush’s infamous “Read my lips: no new taxes”, Rajoy’s pledge, made on December 19, during the debate ahead of his investiture as Spain’s new prime minister, has proved to be empty. Unlike Bush, Rajoy has not resisted or dragged his feet in performing a spectacular U-turn on this issue. Eleven days after saying he wouldn’t raise taxes, his deputy prime minister, Soraya Sáenz de Santamaría, announced tax increases that will bring in an extra €6 billion this year. As Spaniards digest the implications of the new Popular Party government’s … [Read more...] about Read my lips: Why did Rajoy break one of his few campaign promises?
Spain’s general strike: too much, too late
The statisticians may argue for some time to come about the success or otherwise of Spain’s general strike. To nobody’s surprise, the UGT and CCOO unions, which organised the country’s first nationwide strike in eight years, described the protest as an overwhelming success, while the government said participation was “uneven”. Judging by Prime Minister José Luis Rodríguez Zapatero’s insouciant demeanour as he entered Congress on the morning of the strike, his government had little to worry about. And yet, the mass closure of businesses for the day, the crippling of the country’s bus services and thousands (or 70 percent, according to the organisers) of workers marching through Spain’s … [Read more...] about Spain’s general strike: too much, too late