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Rajoy Pledges to Cut Taxes by 2015

Source: Bloomberg - Sun 19th May 2013
Rajoy Pledges to Cut Taxes by 2015

PM Mariano Rajoy pledged to cut taxes in Spain before the next election, due in 2015, as he forecast a return to growth for the euro area's 4th-largest economy.

"I'm not satisfied in any way with the results we've achieved," Rajoy told a meeting of party officials in Salamanca, Spain, today. "In this legislature we'll cut taxes. In this legislature there will be economic growth and job creation."

The premier is battling to sustain the morale of the Partido Popular, which has been battered in opinion polls and suffered internal strains over the allocation of spending cuts. The economy is in the 6th year of a slump and unemployment won't fall below 25% until 2016, according to government forecasts.

"We have set our course," Rajoy said. "Until there is growth and we start to create jobs, we can't stop."

Support for the Partido Popular declined in May to 22.5% from 24.5% a month earlier with the Socialists, the largest opposition party, at 20.2%, according to a Metroscopia poll for El Pais newspaper.

Wednesday of next week marks the 2nd anniversary of Spain's local elections, where the general public showed their distaste for the then ruling PSOE party, voting overwhelmingly in favour of the PP opposition.

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