The 2025 state budget is the most eagerly anticipated document of the year, setting out government policy. It will be delivered alongside multi-annual programming for 2025-2028. After the “transitional budget” in 2024, prepared by the previous government and “adjusted” by the new administration in March, the document presented on 9 October 2024 by the Finance Minister plainly sets out the full policy direction of the CSV-DP coalition. The Luxembourg Chamber of Commerce will have the opportunity to analyse the documents in detail over the coming weeks. However, given the importance of the occasion, here are a few immediate thoughts.