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Norway’s new government plans wealth fund spending identical to predecessor -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Norway’s Finance Minister Trygve to Magnus Slagsvoldved. (Centre Party), Hadia Tajik Minister of Labor and Social Inclusion, (Labor Party), Ola Borten Moe Minister of Research and Higher Education (Social Democrats), and Minister of Fisheries and Aquaculture.

OSLO (Reuters – Norway’s new centre-left government stated Monday it aims to spend the identical amount from its $1.4 trillion sovereign wealth account in 2022 to the one proposed by the Liberal-led cabinet.

In mid-October, Labour and Centre Party won national elections and a minor coalition was elected. It promised tax relief for families with low and moderate incomes and higher taxes to the wealthy.

The new government proposed spending 322.4 billion Norwegian crowns ($37.6 billion) of the wealth fund’s cash next year, exactly in line with the amount suggested https://www.reuters.com/world/europe/norways-outgoing-government-proposes-wealth-fund-spending-cut-2021-10-12 by the previous cabinet.

The current government and the ex-government agreed to decrease spending on the fund in 2022, from 406.8 billion that was planned. This is due to economic activity recovering from the COVID-19 pandemic.

($1 = 8.5649 Norwegian crowns)

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