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🇸🇪 Sweden /Economy & Trade

Swedish Social Democrats Say Bank Tax Is Not Their Main Option

From Svenska Dagbladet · () Swedish

Translated from Swedish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Social Democratic economic policy spokesman Mikael Damberg says a bank tax would not appear in the party’s first budget if it wins the election.
  • The party wants to assess whether excess bank profits persist and whether stronger competition could reduce costs for borrowers.
  • Magdalena Andersson says money should move from large banks to mortgage holders through lower prices, repayments via a bank tax, or both.

A bank tax is not the Swedish Social Democrats’ main option for financing their election promises, economic policy spokesman Mikael Damberg said at a news conference.

The party would first need to investigate such a tax, meaning it would not be included in its first budget if the Social Democrats win the election. Damberg said the party also wanted to determine whether banks’ excess profits remained and whether greater competition could lower costs for customers.

If we can drive competition so that things improve and people pay less, then that is a main option for us.

· Mikael DambergHe describes stronger competition as the party’s preferred alternative to introducing a bank tax.

“If we do not need the bank tax, we are prepared to finance it in other ways,” Damberg said. He added that the party had not ruled out a temporary bank tax.

If we do not need the bank tax, we are prepared to finance it in other ways. But we have not ruled out a temporary bank tax.

· Mikael DambergHe explains why the party is keeping a temporary levy under consideration.

Party leader Magdalena Andersson said the central goal was to move money from large banks to mortgage holders. That could happen through stronger price competition, repayments funded by a bank tax, or both, she said.

The party has presented a “price pressure program” aimed at increasing competition among banks, grocery stores and veterinary clinics. Its proposals for the banking sector include banning list interest rates, making it easier for customers to change banks and using the state-owned SBAB to put pressure on the major banks.

It can happen either through increased price pressure, or through a repayment via the bank tax, or both.

· Magdalena AnderssonShe outlines how the party wants large banks to return money to mortgage holders.
About this summary

Originally published by Svenska Dagbladet in Swedish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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