Christian Lindner, Germany’s finance minister, has tasked his team with drawing up an economic growth plan that includes corporate and income tax cuts, the German daily Frankfurter Allgemeine Zeitung (FAZ) reported yesterday, citing an internal document.
The document sets out what it describes as a “turning point in economic and financial policy” for Europe’s largest economy over the next two years, according to the newspaper.
Arguing that Germany has been left behind and that high energy prices, caused in part by Russia’s military invasion of Ukraine, are putting pressure on German companies, the paper argues that state money is not a long-term solution.
We cannot counter this long-term challenge with more state money and industrial policy subsidies,” the newspaper said, citing the plan.
Finance ministry officials were not available for comment to Reuters.
In concrete terms, the newspaper reported, the document presents the scenario of a general reduction in corporate and income taxes; the plan also contains proposals for the labor market and social security.
The newspaper did not give more details about it, but international analysts predict that a recession is coming.
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