The public accounts presented by the Ministry of Finance won the approval of eleven political parties (PSOE, Unidas Podemos, ERC, PNV, Bildu, PDeCAT, Más País, Nueva Canarias, Compromís, Teruel Existe and PRC).

The Government has thus taken a further step towards gaining approval for the State Budget in due time and form, as it did last year. The aim is for the public accounts for 2022 to come into force on 1 January, just as those for 2021 became operational on the first day of this year. Not since the middle of the last decade have two consecutive two-year General State Budgets been approved for entry into force coinciding with the start of the tax year.

The support that the public accounts have received in the Lower House of Parliament shows the Government's willingness for dialogue, something that was also evident on 4 November when the amendments presented were voted on in the Legislative Chamber, which were rejected by a large majority of 188 votes.

The approval of the accounts in the Lower House of Parliament comes a day after the European Commission endorsed the Government's Budget Plan, highlighting its prudent nature and the boost that European funds will give to investment and growth.

The 2022 Budget is intended to be the instrument that will enable a fair economic recovery after the economic crisis caused by the COVID-19 pandemic.

To achieve this, the public accounts provide for the largest social investment in history, with 240.375 billion euros, which means that almost 60% of the national budget is allocated to spending on people's care.

Of particular note are the resources for pensions, which are increased to maintain the purchasing power of pensioners, as well as for youths, with their own allocation of 12.55 billion euros. The budgets for dependency, education, health and culture are at unprecedented levels. Also relevant are the figures allocated to policies to improve access to housing or for the protection of the most vulnerable, such as the Minimum Basic Income, the Social Thermal Voucher or the public benefits derived from the increase to the IPREM.

Moreover, it is the most budget with the most investments in history. To accelerate the country's economic transformation, the accounts envisage an investment of nearly 13.3 billion euros in R&D, almost 90% more than in 2020; more than 11.3 billion euros for industry and energy; and more than 11.8 billion euros in infrastructure and resilient ecosystems.

Public accounts are essential for channelling the injection of European funds, of which Spain will receive 27.633 billion euros next year and which will largely be used for investment in energy transition, digitalisation and sustainable mobility.

The traditional sectors, SMEs and the self-employed also have specific investment and support measures in the draft Budget.

The 2022 Budget maintains its commitment to territorial cohesion, so that more than 4.2 billion euros will be allocated to policies to tackle the demographic challenge and support the depopulated areas of Spain. In addition, as extraordinary financing, outside the ordinary system, the Regional Governments will receive seven billion euros. This figure, added to the payments on account and the European funds corresponding to them, will mean total resources of more than 126.5 billion euros for the Regional Governments.

Local authorities will receive 23.350 billion euros, 17% more than in 2021, including the 1.228 billion euros in the extraordinary allocation and the 2.05 billion euros from European funds.

These budgetary efforts to boost productive investment and strengthen the welfare state will be compatible with the reduction of the deficit from almost 11% in 2020 due to the measures taken to deal with the socio-economic consequences of the pandemic to 5% by the end of 2022.

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