The view from Vaud
Lausanne, Switzerland (GenevaLunch) – The Vaud cantonal government said 27 October that it projects annual budget deficits of between CHF70 million to CHF360 million over the four years from 2011-2014, the result of its periodic review of cantonal finances. In part, it says, the revision is a reflection of the economic crisis that affects everyone.
Switzerland’s GDP is expected to rise only 0.4 percent in 2010. In Vaud, tax receipts are projected to rise an average of 1.5 percent annually for the foreseeable future, less than expected earlier. Unemployment is sure to rise, further straining the canton’s finances. The deficit is expected to rise by CHF1.8 billion until 2014 with an attendant interest service cost of CHF95m.
Zurich, Switzerland (GenevaLunch) – Switzerland is second only to Germany overall as a desirable location for a company, 20 percent of managers from 700 countries around the world answered in a survey by Ernst & Young. The management consulting firm’s latest report on worldwide business locations gives a mixed picture: the country’s sound banking system is seen as a point in its favour, while its appeal for tax purposes pushes it down to 11th place.
