Sweden’s Borg says he will stay beyond 2014

Sweden’s much lauded minister for Finance Anders Borg said he will stay in his job beyond 2014 if his party gets another mandate to govern.

Borg, who was picked by the Financial Times as Europe’s best finance minister in 2011, made the comments to Swedish business daily Dagens Industri.

He is credited with putting the country on an economic path that has seen its sovereign debt become more attractive than German Bunds, with a recent auction of debt offering a yield of only about 0.6%. The Swedish krona soared last year as it, along with the Norwegian krone became seen as a safehaven currency amid the eurozone financial crisis.

Sweden will next go to the polls for a general election by September 2014, but Borg laid down his view on where the battle lines will run between the current ruling coalition and the main opposition parties led by the Social Democrats.

Borg said the opposition was stuck in a rut of higher taxes to fund generous social welfare.

“Those are the policies that their organisations believe in, and is what they will go to the elections on. And that is where we have fundamental differences. We do no believe in tax increases and we do not believe in [subsidy] policies.”

Borg added that he had no plans to leave his position.

“If we win the next election I will remain.”

Borg’s move to stake his ground before the election comes after the Social Democrats recently ditched their former leader Håkan Juhold in favour of Stefan Löfven. He in turn has appointed Magdalena Andersson to be his party’s chief spokesperson on economic affairs. She came from a job as the head director of the Swedish Tax Agency, and is understood to have been given a mandate to attack Borg’s policies.





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