Europe
Swedish Budget: Tax Cuts Amidst Increased Defence Expenditure

STOCKHOLM

Sweden’s government has announced tax cuts and increased funding for welfare, defence, and the criminal justice system in its 2024 budget. However, spending must be limited to combat inflation. The budget includes a hike in in-work tax credits and a reduction in fuel duties to help those most affected by rising prices and interest rates.

Local authorities will receive an additional 16 billion crowns ($1.43 billion) to maintain welfare services, while pensioners will see slightly lower taxes. The right-of-centre coalition faces an uncertain international environment, with Sweden’s application to join NATO stalled and Koran burnings causing global anger.

Defence spending is expected to rise next year to meet NATO’s target of 2% of GDP, with a total increase of 27 billion Swedish crowns in 2024. The police and criminal justice system will also receive an additional boost.

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