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The national budget includes the planned revaluation of pensions in line with the CPI and the agreed increase in the wages of public sector employees. The implications of these two measures go beyond their impact on public sector expenditure, as they may also affect the income pact.

Inflation has returned and has done so at rates not seen for decades in most developed economies. Spain has not remained unaffected by this episode of global inflation.

While real-time indicators of GDP growth in Spain point to an acceleration in the second quarter compared to the first, uncertainty has increased significantly due to the risk of an international recession.

An incomes pact is necessary, though difficult to implement. It is essential that the Government should broker a wide-ranging social agreement that helps control inflation, protects the most vulnerable and is as inclusive and transparent as pos…

It seems reasonable that in exceptional times, like the current one, the economic cost of the major increase in gas, oil and other commodity prices should be shared across the population as a whole — including pensioners. This would then help…