Swiss Finance Minister Ueli Maurer attends a news conference in Vienna, Austria August 25, 2020. REUTERS/Leonhard Foeger
ZURICH, May 25 (Reuters) – Swiss Finance Minister Ueli Maurer ruled out authorities assistance for individuals strike by higher electricity costs and explained spending budget cuts may well be necessary mainly because the govt would not increase taxes to climate a looming financial storm.
“Petrol selling prices are inexpensive in wealthy Switzerland,” he explained to the Tages-Anzeiger paper in an job interview published on Wednesday.
Maurer, a fiscal hawk from the proper-wing Swiss People’s Social gathering, claimed a recession was nearing but its severity depended on how long the war in Ukraine lasted and on power price ranges.
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He mentioned Swiss financial institutions should resist force to stage up enforcement of sanctions on Russians being punished in the West for the invasion of Ukraine.
“If nearly anything we need to say: Gradual down a little bit and really don’t put into action the sanctions with a ‘Swiss finish’. Our banking institutions likely sanction a lot more harshly than anyone else,” he was quoted as declaring.
He explained Switzerland must use gasoline-fired electricity vegetation and prolong the lifetime of nuclear electric power plants to assistance meet its strength wants, including that Switzerland would help to finance fuel terminals that neighbour Germany was building.
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Reporting by Michael Shields Editing by Edmund Klamann
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