![]() ![]() The pandemic also prompted the government to underwrite risk schemes to the tune of €52.3 billion, mainly in the form of guarantees. In addition, tax revenue was lower than expected because people spent less and businesses made less profit. Tax deferrals worth €13.0 billion were also granted. The support and recovery packages alone cost the government an extra €27.8 billion last year. Then last year COVID-19 struck, and the government suddenly had to spend far more. For many years in succession, the government spent less money than the treasury received, reducing the national debt by many billions of euros. Public finances have also undergone contrasting developments in recent years. Unemployment climbed to 384,000 in 2020 (3.8% of the working population, compared with 3.4% in 2019), but the number of bankruptcies decreased, partly thanks to the support packages. The coronavirus crisis has shown many self-employed people and people on zero-hour contracts how precarious their labour market position is, while people on permanent contracts are generally noticing little impact on their income. While some people are saving a lot of money due to closed shops, closed hospitality and entertainment venues, and negative travel advisories, others have put their last savings into their own businesses, or have been forced to live off those savings because no work or orders are coming in. The annual financial statements reflect the impact of the COVID-19 crisis.įinancially, we live in a time of contrasts. It also provides insight into how the various ministries have spent the money. ![]() In the annual reports, the government accounts for its policy and for revenue and expenditure in 2020. The national annual financial report and all the ministries’ annual reports were presented to the House of Representatives today by Minister of Finance Wopke Hoekstra. ![]()
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