Germany announces €130 billion stimulus package as unemployment rises in Europe
German Chancellor Angela Merkel said her left-right coalition has come up with a "bold response" that will boost consumer spending, invest in innovation and ease the financial strain on citizens.
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✔️ Germany's government has approved a stimulus package to help the economy recover from the coronavirus crisis. Under the 130nbillioneuro deal, taxes will be cut and money given directly to families.
Among the changes are a drop in the VAT rate for 6 months.
There's extra funding for municipalities to spend on infrastructure and housing.
And there's incentives to buy electric cars. This comes as Germany faces its worst recession since World War 2 following weeks of lockdown and business closures. Some quarter of a million people lost their jobs in May alone, bringing the total number of unemployed to nearly 3 million. Chancellor Angela Merkel said the deal was designed to help the economy adapt going forward.