Already in force: the anti-crisis plan enters the BOE
The Government's economic response plan to the Iran war is now official. The Official State Gazette has published this Saturday the royal decree-laws that activate the new anti-crisis package of measures, designed to face the energy and economic impact of the conflict in the Middle East.
The entry into force of the rules occurs in a context of maximum tension in international markets, with the price of gas and oil at elevated levels after weeks of military escalation and attacks on key energy infrastructures in the region.
Energy rebates and urgent measures
The core of the package pivots on immediate measures to contain the impact on the cost of energy. Among them stands out the reduction of VAT on fuels to 10%, as well as the reduction of VAT on electricity and gas from 21% to 10%.
The decree also includes the strengthening of the electricity and thermal social bonus, as well as mechanisms to guarantee energy supply to the most vulnerable households, in a scenario of strong price volatility.
These measures are framed within what the text itself defines as a "conjunctural and structural" response to the effects of the war, combining immediate actions with a medium-term approach.
This is the BOE with the economic and energy measures
The first royal decree-law includes the core of the anti-crisis package, with actions aimed at containing the impact of the rising cost of gas and oil on households and businesses.
Includes, among other measures:
- Reduction of VAT on fuels to 10%
- Reduction of VAT on electricity and gas from 21% to 10%
- Strengthening of the electricity and thermal social bonus
- Supply guarantees in a context of high volatility
Consult here the full text in the BOE
This is the BOE with the measures on rent
The second decree focuses on the housing market, one of the most sensitive areas to the inflationary impact derived from the war.
Among the main measures:
- Extension of rental contracts up to two years
- Limitation of the annual update to 2%
- Strengthening of protection for tenants in stressed areas
Consult here the full text of the rent decree
The impact of the war on the economy
The decree itself directly links these measures to the evolution of the conflict. Since the beginning of the war, energy markets have registered significant tensions, with increases in oil and gas and episodes of disruption in maritime transport, especially in the Strait of Hormuz, one of the key routes for global energy trade.
Through this corridor transits around 20% of global oil and gas, which converts any alteration into a systemic risk for the international economy.
In this context, the International Energy Agency has activated emergency mechanisms and several countries, among them Spain, have begun to release strategic reserves to cushion the impact.
Two decrees, a strategy
The package approved by the Executive is structured into two royal decree-laws published simultaneously in the BOE. The first includes the set of economic and energy measures, while the second focuses on the housing sector, with specific measures on the rental market.
Both texts are part of a comprehensive strategy to contain the impact of the war in different areas of the economy, from energy consumption to the stability of households.