Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Swedish budget gives boost for welfare, climate, jobs

CommoditiesSep 20, 2021 05:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Sweden's Minister of Finance Magdalena Andersson speaks in Stockholm, Sweden, January 18, 2021. Henrik Montgomery/TT News Agency/via REUTERS/File Photo

STOCKHOLM (Reuters) - Sweden's centre-left government said on Monday it would boost welfare spending by 23 billion Swedish crowns ($2.6 billion) next year in a budget aimed at reducing social inequality and shifting to a more sustainable economy after the pandemic.

Sweden has bounced back from the COVID-19 pandemic quicker than most countries in Europe.

But long-term challenges remain, including dealing with a surge in gang violence, cutting greenhouse gas emissions to zero by 2045 and plugging the gaps in a welfare system exposed by a pandemic that has claimed nearly 15,000 Swedish lives.

In total, the budget will inject 74 billion crowns into the economy.

"This is a budget to take Sweden forward after the pandemic," Finance Minister Magdalena Andersson told a news conference.

"We are going to employ more police, deal with the queues in healthcare caused by COVID and make more 'green' investments across the whole country."

The economy is expected to grow 4.4% this year and 3.5% in 2022, when Sweden is due to hold a general election.

But Andersson said it was important not to withdraw support too quickly and that while many of the government's pandemic support schemes are being phased out, spending would switch to longer-term measures..

"One important lesson of the financial crisis is that you shouldn't take your foot off the gas too early," she said.

Measures, most of which were already known, include 10 billion crowns in income tax cuts, around 12 billion crowns to reverse climate change and 8 billion to boost employment.

Andersson, favourite to take over as prime minister when Social Democrat colleague Stefan Lofven steps down in November, also announced an additional 5 billion crown boost to health spending next year.

The minority Social Democrat-Green government is hoping a generous budget will woo voters, but also please the Left and Centre parties, whose support the coalition will probably need to form a government after the next general election.

($1 = 8.7117 Swedish crowns)

Swedish budget gives boost for welfare, climate, jobs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email