Speech by Minister of Finance Eelco Heinen at the presentation of the 2026 Budget Memorandum
Transcript of the speech, as given by Minister of Finance Eelco Heinen at the presentation of the 2026 Budget Memorandum.
Mr President,
Last year was the first time that I presented this briefcase containing the Budget Memorandum.
It was the start of a new government.
Whose key mission was:
Solving the problems of ordinary people in the Netherlands.
Strengthening the financial position of people on middle incomes.
And working to improve socioeconomic security.
Taking the migration problem seriously.
And investing in security and defence.
Giving business owners more space again.
And re-establishing the principle that money has to be earned
before you can spend it.
Trust in the government was high.
But it will come as no surprise to you that I’m deeply disappointed
that I’m now here representing a caretaker government.
And that trust has declined.
Not just in the government, but in politicians as a whole.
That really needs to change.
We can no longer walk away from problems.
We need to put the national interest first.
Because there’s a lot going on in the world.
Our prosperity and security are under pressure as never before.
After many decades when peace was the norm,
we’ve now had a war raging on our continent for over three years.
And we see Russia openly provoking NATO countries.
Whereas free trade and international cooperation have delivered us such great benefits,
countries are increasingly putting their own interests first and raising tariffs.
And the United States, no less, is at the forefront of these developments.
Whereas democracy used to be the model for the rest of the world to follow,
autocratic regimes are now openly turning against it.
And we see China playing a leading role in this respect.
A country for which Western values, personal freedoms, the rule of law, the free market and the individual count for little.
And to be entirely honest,
This is the not the world in which I want to see my two young sons grow up.
We don’t seem to fully realise what is at stake.
Just as we don’t fully realise that we can actually turn the tide.
I’m optimistic about that.
Because our starting position is good.
Our economy is growing and there have never been so many people in work.
Purchasing power is increasing.
Poverty is decreasing.
The national debt is low.
And we live in one of the happiest and most prosperous countries in the world.
And that’s something we don’t always realise either.
But I see three major challenges
that we need to tackle if we want to hold on to all of that.
First, our security.
The government has made substantial investments in defence.
We are now compliant once more with the NATO spending norm.
But more will be needed to keep Europe safe in the future.
We made clear agreements about this at the NATO summit in The Hague.
One of the major choices facing us now
is how we will pay the bill.
And I am convinced that raising taxes is not the answer.
The government has also invested in the domestic security of the Netherlands.
In our police, our criminal justice authorities and our security services.
And we must continue to do so.
So that we don’t just enjoy safe borders,
but safe streets too.
No woman should have to walk home at night
gripping her keys between her fingers for self-defence.
And parents should never have to lie awake at night
worrying about whether their children will return home safely.
Second, our economy.
This is one of the major challenges we face, Mr President.
Because without a strong economy, we can’t have security.
And it starts by realising that the free market is the only route to innovation and economic growth.
That means shrinking the government.
And scrapping regulations.
Giving more space to society itself.
We will have to dedicate ourselves to pursuing free trade
and seek out new trading partners.
And the European single market will require further integration.
Within Europe there are still simply too many trade barriers.
Which means in effect that the biggest trade war we’re fighting is among ourselves.
We will also have to keep making our economies more sustainable.
But without losing our industries.
And that too requires us to make difficult choices.
Third, Mr President, the money that people on middle incomes have in their pockets.
Because if we’re not careful, they’ll end up paying most of the bill.
All around the world, government deficits and debt are rising rapidly.
In Europe, too, this in turn is giving rise to new concerns.
Countries are responsible for putting their own budgets in order.
And let me be clear: the Netherlands won’t act as guarantor.
That means that we have to keep our own public finances in order too.
We’re in a good position right now.
But we can’t afford to take it for granted.
We see that spending will rise again in the future.
And so we’ll need to make choices about what we spend our money on.
And above all, about where we can make savings.
After all, you can only spend each euro once.
First, our security.
The government has made substantial investments in defence.
We are now compliant once more with the NATO spending norm.
But more will be needed to keep Europe safe in the future.
We made clear agreements about this at the NATO summit in The Hague.
One of the major choices facing us now
is how we will pay the bill.
And I am convinced that raising taxes is not the answer.
The government has also invested in the domestic security of the Netherlands.
In our police, our criminal justice authorities and our security services.
And we must continue to do so.
So that we don’t just enjoy safe borders,
but safe streets too.
No woman should have to walk home at night
gripping her keys between her fingers for self-defence.
And parents should never have to lie awake at night
worrying about whether their children will return home safely.
Second, our economy.
This is one of the major challenges we face, Mr President.
Because without a strong economy, we can’t have security.
And it starts by realising that the free market is the only route to innovation and economic growth.
That means shrinking the government.
And scrapping regulations.
Giving more space to society itself.
We will have to dedicate ourselves to pursuing free trade
and seek out new trading partners.
And the European single market will require further integration.
Within Europe there are still simply too many trade barriers.
Which means in effect that the biggest trade war we’re fighting is among ourselves.
We will also have to keep making our economies more sustainable.
But without losing our industries.
And that too requires us to make difficult choices.
Third, Mr President, the money that people on middle incomes have in their pockets.
Because if we’re not careful, they’ll end up paying most of the bill.
All around the world, government deficits and debt are rising rapidly.
In Europe, too, this in turn is giving rise to new concerns.
Countries are responsible for putting their own budgets in order.
And let me be clear: the Netherlands won’t act as guarantor.
That means that we have to keep our own public finances in order too.
We’re in a good position right now.
But we can’t afford to take it for granted.
We see that spending will rise again in the future.
And so we’ll need to make choices about what we spend our money on.
And above all, about where we can make savings.
After all, you can only spend each euro once.