Spain sets out $5.8b support package

Spain’s government on Friday proposed measures worth 5 billion euros ($5.8 billion) to counter the economic impact of the Middle East conflict on local energy prices.

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The measures, which require approval from parliament, include the reduction of value-added tax on electricity bills to 10%, cutting fuel prices by up to 30 cents per litre and granting a fuel subsidy of 20 cents per litre for the farming and transport sectors, which are some of the most exposed to the sharp spike in energy prices caused by the war. Prime Minister Pedro Sanchez, who is among the most vocal critics of the US-Israeli attacks on Iran, said the measures would be in place for as long as necessary but that “no plan can neutralise the misery of this illegal war”. “These a