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Swiss government deficit larger than predicted

Summary:
© Bartolomiej Pietrzyk | Dreamstime.com The federal government spent less in 2023 than budgeted but overestimated revenue. The net effect was an additional shortfall of CHF 1.4 billion, reported SRF. 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 ...

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Swiss government deficit larger than predicted

© Bartolomiej Pietrzyk | Dreamstime.com

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

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 to clean 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.

 


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