Swiss consumers don’t need govt help to cope with inflation -finance minister

Swiss Finance Minister Ueli Maurer attends a information conference in Vienna, Austria August 25, 2020. REUTERS/Leonhard Foeger

ZURICH, May 25 (Reuters) – Swiss Finance Minister Ueli Maurer ruled out governing administration assist for individuals hit by significant power rates and mentioned funds cuts could be necessary due to the fact the authorities would not increase taxes to temperature a looming economic storm.

“Petrol prices are cost-effective in wealthy Switzerland,” he instructed the Tages-Anzeiger paper in an job interview released on Wednesday.

Maurer, a fiscal hawk from the correct-wing Swiss People’s Party, stated a recession was nearing but its severity depended on how extensive the war in Ukraine lasted and on vitality price ranges.

He reported Swiss banks need to resist force to action up enforcement of sanctions on Russians becoming punished in the West for the invasion of Ukraine.

“If anything we need to say: Slow down a bit and don’t put into action the sanctions with a ‘Swiss finish’. Our banks probably sanction extra harshly than everyone else,” he was quoted as declaring.

He explained Switzerland must use gasoline-fired electric power plants and prolong the existence of nuclear electric power crops to aid fulfill its electricity requirements, introducing that Switzerland would enable to finance fuel terminals that neighbour Germany was developing.

Reporting by Michael Shields Enhancing by Edmund Klamann

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