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

SF Urban Properties AG

25/05/2022 08:03

ZURICH, May 25 (Reuters) - Swiss Finance Minister Ueli
Maurer ruled out government support for consumers hit by high
energy prices and said budget cuts may be needed because the
government would not raise taxes to weather a looming economic
storm.
    "Petrol prices are affordable in wealthy Switzerland," he
told the Tages-Anzeiger paper in an interview published on
Wednesday.
    Maurer, a fiscal hawk from the right-wing Swiss People's
Party, said a recession was nearing but its severity depended on
how long the war in Ukraine lasted and on energy prices.
    He said Swiss banks should resist pressure to step up
enforcement of sanctions on Russians being punished in the West
for the invasion of Ukraine.
    "If anything we should say: Slow down a bit and don't
implement the sanctions with a 'Swiss finish'. Our banks
probably sanction more harshly than anyone else," he was quoted
as saying.
    He said Switzerland should use gas-fired power plants and
extend the life of nuclear power plants to help meet its energy
needs, adding that Switzerland would help to finance gas
terminals that neighbour Germany was building.

 (Reporting by Michael Shields; Editing by Edmund Klamann)
 ((Michael.Shields@thomsonreuters.com; +41 41 528 3630; Reuters
Messaging: michael.shields.thomsonreuters.com@reuters.net))