Europe

Finance Minister believes Switzerland needs to cut public spending

Swiss Finance Minister Ueli Maurer is concerned about Switzerland’s finances after a series of recent decisions to significantly increase public spending.

Swiss Treasury Minister Ueli Maurer

In June 2022, the Swiss Parliament agreed to significantly increase spending on the military, health care and the environment. The situation is not sustainable Maurer told SRF.

In June, Parliament agreed to raise CHF 2 billion in military spending, from CHF 500 million to CHF 7 billion between now and 2030. In addition, a large amount of money has been approved to raise medical costs in the face of rising health insurance premiums. In addition, CHF 200 million has been allocated as an incentive to upgrade the building’s heating system to reduce emissions.

The minister said debt braking, a mechanism implemented to avoid chronic public deficits, must be respected.

We managed to close the budget for 2023, which respects debt braking. But after 2023, he said the situation didn’t seem to be good. There are still serious flaws that need to be absorbed.

The Minister proposes a budget cut. Savings are now being sought in areas of unregulated spending such as education, aid and development, agriculture and the military. But even in these areas, he said, there are limits to what can be done. The easiest approach is to cut it entirely.

Maurer believes that a change of mind is needed. When he looks around, it feels like people think he has a lot of money. Just click on his finger to fill the plate. But this era is over. He told SFR that he needed to fasten his belt.

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https://lenews.ch/2022/06/25/finance-minister-thinks-switzerland-needs-to-cut-public-spending/ Finance Minister believes Switzerland needs to cut public spending

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