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Swiss vote no on immigration curbs and gold

first_img Chris PapadopoullosChris Papadopoullos was City A.M.’s economics reporter until February 2016. He is an economist at OMFIF. SWISS voters yesterday rejected tighter immigration curbs, a minimum gold requirement for the central bank, and the abolishment of certain tax perks. The immigration curbs would have required the government to cut net immigration to 0.2 per cent of the population – yet 74 per cent of voters opposed the change. It was labelled the “Ecopop” measure after Switzerland’s four decade-old ecopop movement.The movement looks to curb population growth to protect the environment. It was supported by the nation’s Green party.Meanwhile, a proposal to force the central bank to hold 20 per cent of its assets as gold saw 78 per cent of voters go against it.Currently the bank holds 7.2 per cent of its assets as gold.A yes victory would have meant either large purchases of gold or a reduction in the size of the bank’s total assets. A mix would probably have been the most likely outcome. The move would also have banned the central bank from selling any of its gold while requiring it to call back gold it keeps in vaults in other countries.Proponents of the “save our Swiss gold” campaign believe the central bank has sold off too much gold. The campaign was lead by the Swiss People’s Party.However, the head of the Swiss central bank Thomas Jordan said it would hinder the ability to utilise monetary policy for the benefit of the economy. The Swiss central bank has increased its balance sheet five-fold since 2008 to keep its currency weak – more than the Japan, UK and US central banks. Since 2011 it has had a formal “peg” where it aims to keep the exchange rate at 1.2 francs per euro.The third set of proposals – to scrap the flat tax – would have removed one of the biggest tax perks for wealthy foreigners. The current tax laws allow foreigners living in Switzerland to pay tax on their spending but not on their income. The tax is often credited for attracting the super wealthy. Show Comments ▼ whatsapp Share Swiss vote no on immigration curbs and gold Tags: NULL whatsapp Sunday 30 November 2014 11:46 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Crazy Rich Asians’ Director Wishes He Made South Asian Roles ‘More Human’The WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wraplast_img read more

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