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- November 3, 202616°
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- November 3, 202616°
Belgian PM De Wever submits government's resignation to King Philippe
Belgian Prime Minister Bart De Wever decided to submit his government's resignation to King Philippe after coalition talks collapsed over a €10 billion austerity plan, as Belgian bond yields rise.
Belgium is at risk of entering the new year with a provisional budget after Prime Minister Bart De Wever decided to submit his government's resignation to King Philippe. The move followed the failure of the five coalition parties to agree on austerity measures worth around €10 billion through 2029.
A small cabinet meeting that began on Sunday evening ended at around 1 a.m. Monday without an agreement. King Philippe cut short his holiday, which was scheduled to continue until November 11, to receive the prime minister at the palace.
Dispute over taxes and healthcare
The dispute centres on who should bear the burden of austerity. De Wever's New Flemish Alliance and the liberal Reform Movement are calling for cuts to healthcare spending, while the coalition's socialist and centrist parties are demanding higher taxes on the wealthy.
Vooruit socialist party leader Conner Rousseau raised the proposed contribution from wealthy individuals to €1.5 billion, while De Wever limited it to just €1 billion.
Bond yields rise
The king is expected to defer a decision on the resignation rather than accept it immediately and to urge the parties to continue negotiations. Submitting the resignation does not automatically mean that early elections will be held. If no agreement can be reached, public finances will be managed under the system of provisional twelfths, which repeats the current year's spending each month—a scenario De Wever had pledged to avoid.
Belgium is under close scrutiny because of its budget deficit and rising public debt, while yields on its government bonds have risen sharply in recent months.
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