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Spain’s public deficit drops 10% SPAIN’S public deficit reached 1.91 per cent of GDP at the end of September 2025, according to data published by the Ministry of Finance. This represents a 10.1 per cent reduction compared with the same period of the previous year. The consolidated deficit of the Central Administration, regional governments, and Social Security funds up to August stood at 1.64 per cent of GDP. Excluding the €3.6 billion in extraordinary spending related to the DANA incident, the deficit would have been 1.42 per cent of GDP, a 30 per cent reduction compared with the same period in 2024. The regional governments recorded a surplus of 0.04 per cent of GDP, equivalent to €596 million, while the Social Security funds achieved a surplus of €7.5 billion, compared with €2.05 billion a year earlier. State non-financial resources rose by 8.6 per cent to €223.3 billion, driven mainly by a 10 per cent increase in tax revenue to €185.2 billion. Personal income tax increased by 17.6 per cent, corporate tax by 6.3 per cent, and revenue from non-resident income tax by 31.4 per cent. Spain’s public deficit and budget performance data continue to reflect the country’s strong fiscal position. Spanish luxury leather in New York SPANISH leather goods brand Paris64 has opened its first international store at 465 Broadway, New York, marking the start of its global expansion. Founded in 2019, the Zaragoza-based company plans new stores in Paris (2026) and Tokyo (2027) as it targets €12 million turnover by 2027, nearly doubling its current €7 million. CEO Chema Pozas said the US already represents 35 per cent of sales, with the new flagship designed to make America its largest market by 2026. John Lewis Christmas ad has been released JOHN LEWIS has unveiled its 2025 Christmas advert, Where Love Lives, inspired by Alison Limerick’s 1990 club classic of the same name. The campaign, centred on a father–son relationship, captures the theme “If you can’t find the words, find the gift.” A reimagined version of the hit accompanies the story, which sees a dad rediscover an unopened present that triggers heartfelt memories of the 1990s – blending nostalgia and emotion in true John Lewis tradition. Madrid meeting between Sultan of Oman and King of Spain SULTAN Haitham bin Tarik of Oman met King Felipe VI and Queen Letizia of Spain at the Zarzuela Palace in Madrid on November 4. The private meeting focused on strengthening political and economic cooperation, with both sides discussing regional and international developments. Leaders highlighted the importance of expanding partnership and investment to enhance both nations’ economies. The meeting was attended by senior Omani officials, alongside Spanish Foreign Minister Jose Manuel Albares. AI skills gap in the UK THE UK government has unveiled three new tools to help businesses tackle a £400 billion AI skills gap and drive growth by 2030. Developed by Skills England with Royal Holloway University, the AI Skills Framework, Adoption Pathway, and Employer Checklist aim to boost responsible AI use, especially among SMEs. Supported by Google, IBM, Microsoft, and NVIDIA, the initiative will train 7.5 million UK workers in AI skills, helping businesses harness technology to improve productivity and economic competitiveness. Eldercare investment in Spain HEALTHTECH startup Qida has secured €37 million in funding – Spain’s largest ever in the eldercare industry. The round was led by France’s Quadrille Capital, alongside Asabys Partners, COFIDES’ Social Impact Fund, and other investors. Co-founder and CEO Oriol Fuertes Cabassa told EU-Startups that the syndicate is “a triumvirate between a growth fund, a health fund, and an impact fund.” The company plans to reach 100,000 seniors and €100 million in revenue by 2027. Founded in 2018, Qida connects families with professional caregivers and develops AI-driven tools to improve home-based elderly care across Spain. Latin Americans boost Spain’s tech industry SPAIN’S tech industry is pulling professionals from Latin America, said Celeste Anderson of Jalasoft, noting shared culture and time zones as key draws. Isidro Helder of Globalli added that Latin Americans’ adaptability boosts Spain’s digital transformation. Reuters reported Spain’s growth driven by global talent. Tech diversity in the UK TECHWORK has launched Women in TechWorks, a member-led initiative to boost female recruitment, retention and leadership across the UK tech industry. Co-founder Jillian Hughes said progress “requires men’s support too.” The programme offers mentoring, networking, and career development across TechWorks’ communities. Homeless banking in the UK THE UK Treasury has launched a financial inclusion strategy allowing homeless people to open bank accounts without a fixed address. Lloyds, NatWest, Barclays, Nationwide, and Santander will partner with Shelter to verify applicants. The plan also helps domestic abuse survivors rebuild credit. Workplace sickness in the UK THE Keep Britain Working Review, led by Sir Charlie Mayfield, warns the UK is “sliding into an avoidable crisis” as 800,000 more people have left the workforce due to ill health since 2019. The report urges urgent reforms to prevent further economic strain. Gibraltar gaming duties GIBRALTAR’S Financial Minister Nigel Feetham said record corporate tax revenues prevented a 6 per cent rise in personal income tax last year. Speaking to GBC, he warned Gibraltar could lose £133 million if the UK raises betting and gaming duties in its upcoming Budget. Telefónica unveils plan TELEFÓNICA has launched its new five-year strategic plan, Transform & Grow, aimed at delivering growth, boosting efficiency and reinforcing its market leadership in Spain, Germany, the UK, and Brazil. The initiative focuses on six key pillars: improving customer experience through AI, expanding B2C and B2B services, upgrading technology, simplifying operations, and investing in talent. The company said the plan “will drive long-term value creation and operational excellence.” Under the new plan, Telefónica targets up to €2.3 billion in savings by 2028 and €3 billion by 2030 through network optimisation and digital transformation. Revenue is forecast to grow by up to 3.5 per cent annually by the end of the decade. The 2025 dividend of €0.30 per share was confirmed, with future payouts linked to free cash flow. Telefónica also reaffirmed its support for Europe’s “strategic autonomy” in technology, stressing the need for telecoms consolidation across the continent. €193 million spending on DANA reconstruction SPAIN’S Council of Ministers has authorised €193 million in spending commitments to restore agricultural productivity in regions damaged by the DANA incident of late 2024. The funding, allocated to the Ministry of Agriculture, extends recovery measures into 2026, supporting farm reconstruction and infrastructure repairs across affected municipalities. Spain’s richest list AMANCIO ORTEGA, founder and majority shareholder of Inditex, remains Spain’s richest person with a fortune of €109.9 billion, despite a €10.3 billion decline, according to Forbes España. His daughter Sandra Ortega ranks second with €10 billion, while Ferrovial’s chairman Rafael del Pino places third, his wealth rising by €900 million to €8 billion. UK’s attractiveness and resilience THE UK continues to outperform global rivals in attracting foreign investment, according to Irwin Mitchell’s UK Attractiveness Index 2025. Despite geopolitical uncertainty, 46 of 48 UK cities improved their rankings from 2024, with London retaining the top spot. New trade deals – including the Economic Prosperity Deal with the US, the UK–India trade pact, and the historic UK–Germany Treaty – have strengthened Britain’s global investment position. Supported by the Government’s Modern Industrial Strategy and new Industrial Strategy Zones, the report highlights the UK’s adaptability, skilled workforce, and growing regional strength amid a shifting global economy. Kabilio AI funding MADRID-based startup Kabilio has raised €4 million in a pre-seed funding round to expand its AI-powered accounting platform, which supports advisors and their clients with automated financial insights. The company aims to accelerate development and scale its technology across Spain’s growing fintech industry. Youth Guarantee Plus Plan AN OECD mid-term evaluation found Spain’s Youth Guarantee Plus Plan (2021–2027) relevant and effective in improving young people’s job prospects, though coverage of training and career guidance remains limited. The report recommends stronger coordination, gender equality training, and better outreach to vulnerable youth. Statistic of the week: Spain’s quality of life rose slightly in 2024, with notable gains in living conditions, work, health, education, and security; the Balearic Islands and Canary Islands saw the biggest improvements, increasing by 0.77 and 0.65 points (INE). View all finance news. View all news from Spain. View all UK news.
