Sunday , April 14 2024
Home / le News / Swiss government deficit larger than predicted

Swiss government deficit larger than predicted

Summary:
The federal government spent less in 2023 than budgeted but overestimated revenue. The net effect was an additional unexpected shortfall of CHF 1.4 billion, reported SRF. © Bartolomiej Pietrzyk | Dreamstime.comAt a media conference this week, finance Minister Karin Keller-Sutter said that the Federal Council was not aiming to raise a taxes to fund the additional shortfall. Raising taxes would require a constitutional amendment to get around the debt brake and would set a precedent for future overspending. Instead, the federal government will look for further savings. Cuts in spending on payments to farmers, culture and international organisations have already been scheduled. Keller-Sutter said that cleaning up the budget sustainably requires structural measures. And it is not

Topics:
Investec considers the following as important: ,

This could be interesting, too:

Investec writes Health care cost brake initiative to go to a vote

Investec writes The Swiss canton with the highest crime rate

Investec writes One in ten Swiss worried about money at the end of the month

Investec writes No price rises for Swiss public transport in 2025

The federal government spent less in 2023 than budgeted but overestimated revenue. The net effect was an additional unexpected shortfall of CHF 1.4 billion, reported SRF.

Swiss government deficit larger than predicted
© Bartolomiej Pietrzyk | Dreamstime.com

At a media conference this week, finance Minister Karin Keller-Sutter said that the Federal Council was not aiming to raise a taxes to fund the additional shortfall. Raising taxes would require a constitutional amendment to get around the debt brake and would set a precedent for future overspending.

Instead, the federal government will look for further savings. Cuts in spending on payments to farmers, culture and international organisations have already been scheduled.

Keller-Sutter said that cleaning up the budget sustainably requires structural measures. And it is not just needed because of the debt brake, but also to gain financial policy leeway, she said.

More on this:
SRF article (in German)

For more stories like this on Switzerland follow us on Facebook and Twitter.

About Investec
Investec
Investec is a distinctive Specialist Bank and Asset Manager. We provide a diverse range of financial products and services to our niche client base.

Leave a Reply

Your email address will not be published. Required fields are marked *