What is not good is the forecast for the budget. If the government sticks to its budget constraints, which are the expenditure rule, the taxes it has in place, and the deficit target of 3 percent of GDP, it will have an expansionary budget, or approximately a neutral budget.
Everyone is aware of the “budgetary axe”, but that is relative to what they were promised, it is not relative to what has been passed. The promises add up to an increase of 10 percent. It will be difficult politically to cut them.