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

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

ZURICH, Could 25 (Reuters) – Swiss Finance Minister Ueli Maurer dominated out federal government guidance for buyers hit by superior strength costs and stated price range cuts may be necessary for the reason that the authorities would not increase taxes to climate a looming financial storm.

“Petrol costs are economical in wealthy Switzerland,” he advised the Tages-Anzeiger paper in an job interview published on Wednesday.

Maurer, a fiscal hawk from the suitable-wing Swiss People’s Social gathering, claimed a economic downturn was nearing but its severity depended on how extensive the war in Ukraine lasted and on power costs.

He reported Swiss banks should resist pressure to move up enforcement of sanctions on Russians being punished in the West for the invasion of Ukraine.

“If something we really should say: Gradual down a bit and don’t apply the sanctions with a ‘Swiss finish’. Our banking institutions in all probability sanction additional harshly than anybody else,” he was quoted as indicating.

He explained Switzerland must use gas-fired ability crops and extend the lifestyle of nuclear ability vegetation to help meet up with its strength demands, incorporating that Switzerland would assist to finance gas terminals that neighbour Germany was setting up.

Reporting by Michael Shields Editing by Edmund Klamann

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