Swiss business backs multi-billion franc state savings plan

Business backs savings package worth billions Keystone-SDA

Several Swiss business associations are backing the government's proposed multi-billion franc savings package.

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Budget cuts are planned to lift the burden on federal finances. The government says this crucial for easing the debt brake and offers room for manoeuvre for investments.

In view of the current geopolitical situation, investments are expected in defence capabilities, said the Swiss Business federation (economiesuisse), the Swiss Employers’ Association (SAG), Swissmem and the Swiss Insurance Association.

+ Switzerland outlines budget plan to save billions of francs

The consultation period for the proposed savings ended on Monday.

“The business community expects parliamentarians to fulfil their constitutional responsibility,” said Christoph Mäder, president of economiesuisse. Switzerland does not have a revenue problem, but an expenditure problem, he added.

Attract foreign companies

The business community has called for a “regulatory moratorium” to avoid new red-tape burdens and additional taxes.

Businesses are also calling for a package of measures to strengthen Switzerland as a business location. Without measures, Switzerland would lose stability and competitiveness as a business location, according to Mäder.

Measures should be coordinated by a group of experts from science, business and the federal authorities.

“Competitive companies are not an end in themselves, but the basis for innovation, good wages and social security,” said SAG President Severin Moser.

The economy is paying particular attention to social benefits as the largest area of expenditure. Expenditure on AHV in particular is set to rise sharply.

The aim here is to secure the financing of social security schemes in the long term without further social expansion. “This already advanced development of constant expansion and drawing to the full, where there is nothing left to draw on, must be stopped,” said Moser.

Translated from German by DeepL/mga

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