The Valencia regional government wants to save over a billion euros and it has approved a number of things which it hopes will do just that for them.

The policy of attracting the big events to Valencia is being revised and and they are now seeking to renegotiate the contracts that they have with the Grand Prix.At the moment the contract is costing 18 million euros and cancelling the event could cost 15 million euros.Ticket sales have halved since the race was begun in 2008.Once TV and organisational costs are included then the 18 million figure can double.Hence the need to renegotiate the deal.

One of the measures is the increase in fuel, both petrol and diesel.It has gone up by 2.4 centimos a litre.The agriculture and transport sector will not be affected by this rise.

Valencia taxes are going to increase for those who earn over 120,000 euros a year.There will be regional tax deductions if you earn 24,000 euros a year as an individual or 38,000 euros a year as a couple.

Stamp tax will rise from 1% to 1.2 % on acts formalised with a legal document and there will be a series of environmental taxes.

Public sector pension plans have been suspended, sick pay has been reduced, access to benefits cut , personal leave days reduced and late retirement eliminated , amongst other measures.

Senior regional government officials will have their fleet of vehicles halved ,overtime will be limited, grants to unions and business groups will end, purchasing will be centralised, absenteeism will be addressed and public goods will be sold off.