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

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

ZURICH, May perhaps 25 (Reuters) – Swiss Finance Minister Ueli Maurer ruled out federal government guidance for shoppers strike by higher strength selling prices and said spending budget cuts may be wanted since the authorities would not increase taxes to weather a looming financial storm.

“Petrol price ranges are cost-effective in rich Switzerland,” he instructed the Tages-Anzeiger paper in an interview posted on Wednesday.

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

He claimed Swiss banks should resist tension to move up enforcement of sanctions on Russians getting punished in the West for the invasion of Ukraine.

“If anything we really should say: Slow down a bit and do not apply the sanctions with a ‘Swiss finish’. Our banking companies almost certainly sanction extra harshly than anyone else,” he was quoted as saying.

He mentioned Switzerland ought to use gas-fired power plants and prolong the daily life of nuclear ability vegetation to aid satisfy its electrical power requirements, adding that Switzerland would help to finance gasoline terminals that neighbour Germany was making.

Reporting by Michael Shields Editing by Edmund Klamann

Our Requirements: The Thomson Reuters Have confidence in Principles.