Tuesday, 13 December 2020 10:57 PM

2021: even more additional cuts

Today the high word came out: the Netherlands has a significant budget deficit, which means that we will all have to make additional cuts in the coming year. And it's not just a little bit, it's billions of US dollars. The Netherlands is currently already in recession.

The Central Planning Bureau (CPB) released the figures today, the budget deficit is about 4.6 percent. Extra cutbacks are necessary because things are going worse than initially thought. At the start of the cabinet, the budget deficit for 2020 was estimated at 4.0 percent. This December estimate raises questions. How much should be cut back and, secondly, on what topics? It will be very difficult for the coalition parties to reach an agreement on the additional budget cuts. Topics that have already been discussed in order to fill the treasury are cutting back on mortgage interest deductions, which the VVD does not want to know about. Raising the state pension age, intervention in the labor market, relaxation of dismissal law and cutting development aid. In addition, many unemployed people will be added next year, with an expected increase of around 90,000 people.


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