Achtung! Germany’s economic woes deepen, says German Finance Secretary

The state of the German economy matters most to the EU, but also to British exporters

Montage © Facts4EU.Org 2024

Facts4EU.Org reveals the latest bad economic news from the EU’s No.1 economy

When Germany sneezes, the rest of the EU catches a cold. On Thursday (16 May 2024) the German Finance Minister, Christian Lindner, warned that cutbacks will be necessary as a result of plummeting tax revenues. This will affect federal, state, and local governments.

It will also have a further depressing effect on Germany’s already weakened economy.

This matters to Brexit Britain too

Despite what Rejoiners (and significant parts of the British media) say, the rest of the non-EU world represents a much bigger market for the UK than the EU27, and it is growing at a faster rate. The UK’s No.1 market by far is the United States, for example.

That said, it is not in Brexit Britain’s interests to see the EU’s No.1 economy in trouble.

Brexit Facts4EU.Org Summary

Real GDP growth Q1 2024 – International comparison

[Sources: ONS and OECD, 10 May 2024.]

© Brexit Facts4EU.Org 2024 - click to enlarge

Tax revenues now predicted to fall by €22 billion next year, in stark warning of cutbacks

The German finance ministry has been forced to warn of a scaling back of spending as a result of a €22 billion hole in tax revenues next year. This comes at a time when public authorities and unions are crying out for more money, partly due to immigration and partly due to supply chain shortages and the energy crisis.

It also comes at a time when senior figures in the UK are warning of the need to cut back on public spending in our own country.

What the German Finance Minister said :

"[This] destroys the illusion of all those who thought that money would just fall from the sky."

"What I repeat almost like a mantra in view of the exorbitant political wishes is now available in black and white: There is no new financial room for manoeuvre in the foreseeable future."

"We have to concentrate on the essentials… This requires discipline and willpower."

- German Finance Minister, Christian Lindner, 16 May 2024

Attribution: Sandro Halank, Wikimedia Commons, CC BY-SA 4.0

Will Germany’s coalition government survive?

Putting aside the financial warnings from Germany’s finance minister, there are also political considerations. Herr Lindner comes from the Free Democrats, one of the three parties which make up Chancellor Schotz’s ruling coalition.

The Free Democrats are very broadly akin to what the UK’s Conservative and Unionist Party used to be. They tend towards small state, low tax policies. They are a minority partner in the government in Germany. On the right, the CDU/CSU are much more popular.


Given that the Free Democrats are in coalition with Olaf Scholz’s socialist party and the Green Party, it remains to be seen whether this shaky coalition will survive the kind of cutbacks Herr Lindner is suggesting will be necessary.

We must get reports like this out there

Reports like the one above take far longer to research, write and produce than many people realise. If they were easy, readers would see other organisations also producing these daily. However, there’s little point in the Facts4EU.Org team working long hours, seven days-a-week, if we lack the resources to promote them effectively – to the public, to MPs, and to the media. This is where you come in, dear reader.

Facts4EU.Org needs you today

We are a 'not for profit' team (we make a loss) and any payment goes towards the actual work, not plush London offices, lunch or taxi expenses, or other luxuries of some organisations.

We badly need more of our thousands of readers to become members, to support this work. Could this be you, today? It's quick and easy, we give you a choice of two highly secure payment providers, and we do NOT ask you for further support if you pay once. We just hope you keep supporting us. Your membership stays anonymous unless you tell us otherwise.

Please don't assume that other people will keep us going - we don't receive enough to survive and we need your help today. Could you help us? We rely 100% on public contributions from readers like you.

If you believe in a fully-free, independent, and sovereign United Kingdom, please join now by clicking on one of the links below or you can use our Support page here. You will receive a personal, friendly ‘thank you’ from a member of our team within 48 hours. Thank you.

[ Sources: German Finance Ministry | German media ] Politicians and journalists can contact us for details, as ever.

Brexit Facts4EU.Org, Sun 19 May 2024

Click here to go to our news headlines

Please scroll down to COMMENT on the above article.
And don't forget actually to post your message after you have previewed it!

Share this article on

Something to say about this? Scroll down for reader comments

Since before the EU Referendum, Brexit Facts4EU.Org
has been the most prolific researcher and publisher of Brexit facts in the world.

Supported by MPs, MEPs, & other groups, our work has impact.

We think facts matter. Please donate today, so that we can continue to ensure a clean Brexit is finally delivered.

Any credit card user

Quick One-off


From £5 - £1,000



From £3 per month

Paypal Users Only - Choose amount first

Quick One-off