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Utilities prices will not rise over rate of inflation, says govt MP

Initiatives

Hungary's government guarantees that utilities prices will not rise over the rate of inflation, parliamentary group leader of governing Fidesz Antal Rogán said on commercial television late Wednesday.

The burden will increase for banks and multinationals, not for households, Rogán said on Hir TV's Rájátszás program.

Earlier Wednesday, National Economy Minister György Matolcsy announced an additional HUF 367 billion of fiscal adjustments that aim to end the European Union's Excessive Deficit Procedure against Hungary and ensure the country can avail of its full Cohesion Fund allocation. The new measures include the reversal of an earlier decision to halve the bank levy and another to increase the scale of the planned financial transactions duty from 0.1% to 0.2%.

Rogán said banks may not and will not pass the entire cost of the financial transactions duty on to retail clients. The average person gives mores in tips each year than he or she will pay in transactions duty, he added.

He said the government wants to use revenue from a planned tax on utilities companies to improve public transportation, both in Budapest and elsewhere around the country.

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