Finance Minister Vedum: Norway must use less oil money next year 

Photo: Terje Pedersen / NTB

Finance Minister Trygve Slagsvold Vedum (SP) wants to reduce spending to cool down the economy. Next year, the use of oil money has to decrease, Vedum says.

“In total, we have to spend less oil money than this year,” Vedum told the newspaper Aftenposten about next year’s budget.

This year oil money equivalent to approximately NOK 60,000 per inhabitant is being used.

“The Center Party has always been a party with a tradition of responsible governance. But the tightening of the use of oil money, at the same time as we are dealing with major challenges, is new for all of my generation’s politicians. That includes me too,” Vedum explained.

The price increase in the last year has amounted to 6.8%, and many people’s personal finances have changed dramatically in a short time.

“We have been able to solve previous crises by allocating more money. Now we need to do the opposite,” Vedum said, referring to the financial crisis in 2008, among other things.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews

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