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Economic Chief Urges the Left to Cut Taxes Further
In a candid assessment, Jan Ludvig Andreassen, Chief Economist at Eika Gruppen, warns that the left side of the political spectrum risks alienating the working class if it fails to implement more substantial tax cuts, as reported by Klassekampen.
“It’s clear that a significant portion of public spending is something everyday citizens are reluctant to fund. The left must recognize this reality, which should lower their resistance to cutting taxes,” Andreassen remarked in the interview.
Although an ardent supporter of the red-green parties and a strong advocate for public services, Andreassen emphasizes the importance of critical evaluation of public sector growth. “As the public sector expands, it tends to develop its own agenda—one that doesn’t always align with the broader interests of society,” he cautions.
All the red-green parties have proposed cuts to income tax for regular earners in their budget plans. In contrast, Roger Bjørnstad, Chief Economist at LO, publicly disagreed with these proposals in a recent statement. “I hope that any new initiatives prioritize improving people’s lives, and cutting taxes for hard-working citizens is the simplest way to achieve that,” Andreassen added.
MDG Questions Stoltenberg’s Changes to the Oil Fund
Arild Hermstad, leader of the MDG, is calling into question whether Finance Minister Jens Stoltenberg adhered to proper procedures by not submitting changes to the oil fund’s ethical framework for public consultation.
“It’s perplexing how the criteria to avoid consultation are met in this case,” Hermstad stated in an interview with Dagbladet.
In a written inquiry to Stoltenberg, Hermstad seeks clarification on whether a prior written assessment was conducted regarding the decision not to invite public commentary on the proposed changes.
This criticism follows a statement from Redd Barna’s lawyer, Mads Harlem, who likewise accused the finance minister of breaching protocol. Recently, Stoltenberg had the temporary ethical guidelines and a revised mandate for the oil fund approved. He explained that these changes were necessary to prevent the ethical guidelines from forcing the fund out of the world’s largest technology firms.
“This marks a significant regression in the ethical and international legal considerations for one of the world’s largest funds, made on dubious grounds,” Hermstad remarked.
If it turns out that a written preliminary assessment was not conducted, he insists the error must be rectified, and the previous guidelines should remain in force until that happens.
According to Ellen Reitan, State Secretary at the Finance Ministry, the ethics guidelines do not fall under the requirements for public consultation as outlined in existing procedures.
Former Ethics Council Leader Critiques Stoltenberg’s Proposal
Johan Andresen, former head of the Ethics Council, criticizes the rationale behind the government’s decision to suspend the Ethics Council amidst a review of the oil fund’s ethical regulations.
Andresen, who led the Ethics Council from 2015 to 2023, voices his concern in a column for E24, expressing disappointment over Parliament’s decision to freeze the council while a task force assesses the ethical framework.
Stoltenberg advanced this proposal out of concern that exclusion of American tech giants, following the delisting of Caterpillar last August, might limit opportunities.
“It’s high time to speak up,” Andresen states.
The billionaire notes that such a move could signify the end of an international institution far more significant than many realize, deeming it a “dramatic blow” to the council’s credibility and independence.
“The weak argumentation for dissolving the Ethics Council threatens the very credibility of responsible governance,” he argues, adding that the line of reasoning presented is disjointed and reflects a concerning lack of understanding regarding risks to both the fund’s reputation in Norway and abroad.
SV Proposes Billions in Wealth Tax Hikes
With budget negotiations just on the horizon, SV has unveiled its plans for tax reform. The party’s alternative budget for 2026 anticipates increasing taxes by NOK 15.7 billion, with a significant share to be covered by the wealthiest individuals.
Marthe Hammer, the party’s spokesperson on financial policy, expresses a clear goal: to promote greater redistribution from the wealthy to bolster the welfare state. “Since 2011, the median income has risen by merely 3.8%, while the wealthy have accrued substantial gains,” she noted.
However, it’s not just fortunes that are set to bear the brunt; high-income earners will also see a substantial rise in their tax obligations if SV’s proposals go through. The plan outlines a significant redistribution within income taxation, reallocating NOK 24 billion to increase the personal deduction—boosting the threshold from NOK 108,550 to NOK 143,000.
“SV aims to channel funds to ensure that everyone benefits significantly, especially those in need,” Hammer asserts.
Hermstad and Melby: Norway Must Reassess EU Membership
The introduction of protective measures by the EU on alloy steels calls for renewed discussion on Norway’s EU membership, argue MDG’s Arild Hermstad and Venstre leader Guri Melby.
“This underscores that remaining outside the EU while hoping for no adverse impacts on Norwegian jobs is no longer a viable strategy. Two thousand jobs in the ferroalloy industry are now at risk, and the fault lies with the government,” says Hermstad to NTB.
On Wednesday, Minister of Industry Cecilie Myrseth (Ap) confirmed Norway’s inclusion under these new EU protections, which could have severe repercussions for the industry.
“EU is advocating for its interests in a precarious international landscape; we can no longer rely on goodwill from the EU in our foreign policy. It’s time to debate whether EU membership, or at least joining its customs union, would better serve Norway’s interests,” Hermstad continued.
Melby echoed this sentiment, stressing that the protective tariffs could be catastrophic for critical sectors of Norway’s export economy. “It’s imperative for Norway to be active in decisions affecting us, rather than merely hoping for favourable outcomes by observing from the sidelines,” she remarked.
Vedum Calls for Freeze on Norway’s EU Contributions
Senterpartiet’s leader, Trygve Slagsvold Vedum, argues that if the EU imposes tariffs on ferroalloys, it constitutes a clear breach of the EEA Agreement, warranting consequential measures, as he stated to Nettavisen.
On Wednesday, reports emerged that Norwegian industry would be impacted by the EU’s protective measures on alloys, marking an unprecedented exclusion from the EU’s internal market in a significant sector. Norwegian companies like Eramet and Elkem are vital for the industry, directly employing around 2,500 people.
Vedum demands immediate government action. “It’s essential that the government swiftly considers potential countermeasures, such as freezing all or part of the EEA funds,” he insists.
The EEA funds, Norway’s financial contribution aimed at social and economic equality within the EU/EEA, are estimated at approximately NOK 5.38 billion annually, designated for the 15 poorest EU countries to support initiatives like green transitions and social inclusion.
He also criticizes the current government’s handling of EU-related issues, particularly regarding the Fourth Energy Market Package (ACER). “The government’s EU strategy is proving to be misguided. Just last week, the EU Parliament affirmed the necessity of Norwegian energy exports for European energy security. Yet this week, they’re undermining the competitiveness of Norwegian industries,” Vedum states.
LO President on Steel Tariffs: “Extremely Serious”
Kine Asper Vistnes, the leader of LO, emphasizes the gravity of the EU’s impending protective measures on Norway’s ferroalloy industry.
“It’s only a matter of days before a decision is announced, and we remain hopeful for a resolution, as we have strong support from European labor unions advocating for a bolstered internal market rather than a weakened one,” Vistnes commented to Dagens Næringsliv and FriFagbevegelse.
Cecilie Myrseth announced earlier that the EU had informed the Norwegian government of the new protective measures, which could put 2,000 jobs at risk.
The union, Styrke, participated in a crisis meeting at the Foreign Ministry to address the proposed measures from the EU Commission concerning the European industry.
“If the commission’s recommendation passes, it will yield negative and potentially grave repercussions for Norwegian industry,” warns Frode Alfheim, the union leader.
“We fundamentally oppose this proposal, asserting that the EEA Agreement does not allow for restrictions targeting Norway.”
MDG Aims for New Oil Tax Revenue for Climate Initiatives
The MDG proposes an additional production tax on oil extraction in the North Sea, estimated to generate NOK 4.5 billion for climate and nature initiatives in poorer countries.
This proposal appears in the party’s alternative budget set to be unveiled on Friday. MDG argues that the government’s efforts in climate and environmental aid have been insufficient.
“Research indicates millions of lives will be lost in the coming decades due to climate change, primarily caused by oil and gas operations. Vulnerable populations, especially children, the elderly, and women in low-income countries, are at risk from severe floods, extreme heat, infectious diseases, and scarcity of food and water,” states Arild Hermstad, MDG leader.
He calls it “fundamentally unjust” for impoverished individuals across the globe to bear the consequences of oil extraction by wealthy corporations operating on Norwegian soil.
Hermstad believes that the government should at minimum demand contributions from these companies to help low-income nations adapt to climate change.
“Thus, a dedicated tax from oil companies operating on the Norwegian shelf for climate financing in the regions most affected by climate change should be instituted,” he asserts.
3-2 on Refugee Quotas in the National Budget
In discussions regarding next year’s budget, the Rødt, SV, and MDG parties agree that Norway should accept 5,000 quota refugees, contrasting with Senterpartiet’s alignment with the government’s proposal for just 100.
This sets the stage for a unique confrontation among budget allies in Parliament over how many refugees Norway should accept beyond those anticipated from Ukraine.
On Wednesday, SV’s parliamentary representative, Anne Lise Fredlund, reaffirmed the party’s commitment to following recommendations from the UNHCR regarding the acceptance of 5,000 transfer refugees in 2026.
Rødt and MDG share this perspective. According to Rødt’s alternative budget presented on Wednesday, the party allocates NOK 938 million to finance the acceptance of these quota refugees.
“Rødt believes that Norway must assume greater responsibility for assisting individuals in flight. Hence, we propose to welcome more quota refugees,” the party stated in the budget document released on Wednesday.
The positioning of these three parties starkly contrasts the government’s proposal. When Finance Minister Jens Stoltenberg outlined the Labour Party’s budget plans in mid-October, he earmarked funding for just 100 of the UN’s quota refugees—a view supported by Senterpartiet.
As a result, a 3-to-2 dynamic appears likely as negotiations for the upcoming budget commence in Parliament this Friday.
MDG Critiques Government’s Turnaround: “Broken Promises”
The government’s recent shift to utilize carbon credits to meet Norway’s critical climate goals has sparked MDG’s assertion of a broken promise.
“This is an unequivocal breach of trust,” MDG leader Arild Hermstad declares.
“Once again, we see the government setting emission reduction targets they clearly have no intention to fulfill.”
Last year, the government assured not to rely on new international carbon credits for its primary climate commitments under the Paris Agreement. Now, they are reversing course, allowing these credits to be used to meet the agreement.
“This is indicative of why Norwegian climate policy remains stagnant. Successive governments have relied on purchasing credits rather than implementing genuine reductions domestically,” Hermstad argues.
Prime Minister Jonas Gahr Støre and Climate Minister Andreas Bjelland Eriksen have responded to E24, contending that this shift does not constitute a breach of promises.
“The world has changed significantly from what we anticipated last year,” Eriksen explained.
Erna Solberg on Elections: “Damned if You Do, Damned if You Don’t”
Høyre leader Erna Solberg openly acknowledges the party’s missteps leading to an election result of just 14.6%. However, she maintains that perfection in approach is a misnomer.
The party discussed the report on its poor electoral performance during a recent central board meeting, agreeing to release a summary of the findings.
“Much of what we executed during the campaign was effective and fostered a positive atmosphere within the party, yet that wasn’t sufficient to attract voters. After a loss, one must accept that the message simply missed its mark,” Solberg reflected in her comments to Dagbladet.
The report cites a strong focus on Solberg as an individual during the election, suggesting a vulnerability in centering the party’s identity around one leader.
“It creates a ‘damned if you do, damned if you don’t’ situation,” she remarked.
Solberg also pointed out that pre-summer, she faced criticism for not being visible enough, a perception stemming from a conscious strategy to cultivate multiple profiles within the party.
“Before summer, the critique was that ‘Erna needs to be more present,’ driven by our strategy to elevate various voices,” she noted, while admitting that there are still adjustments the party needs to make.
Sp Mayors Nationwide Challenge Ap on Municipal Economics
Senterpartiet mayors across the country are raising alarms overFinance Minister Jens Stoltenberg’s signals regarding next year’s municipal economy, directing a challenge toward their colleagues from the Labour Party.
“Labour Party holds the most mayoral positions. I urge all Ap mayors across the nation: Who do you hope will prevail in terms of municipal funding in budget negotiations? Ap with their continued erosion, or Sp with our proposed extra NOK 5 billion?” questions Lars Fjeldstad, chair of Senterpartiet’s mayors forum.
The government’s budget proposal projects a growth of NOK 4.2 billion in the free revenues for the municipal sector next year, allocating NOK 3.2 billion to municipalities and NOK 1 billion to counties.
Municipal finances were largely overlooked during the election campaign, with mayors across the nation expressing frustration over insufficient funds to meet legally mandated responsibilities.
Trade Union Demands More Funds for Municipalities
Fagforbundet leader Helene Harsvik Skeibrok is calling for increased funding for hospitals and municipalities as the red-green parties prepare for budget negotiations.
“Our members have made it clear—they want enhanced funding for municipal and hospital budgets. This has been the consistent message from our outreach over the summer and early fall,” she conveyed to Klassekampen.
Leading the largest trade union in Norway, representing 415,000 members—many employed in the public sector, particularly in local government—Skeibrok highlights ongoing funding challenges facing both municipalities and healthcare facilities.
“Our representatives report severe cuts affecting services for children, youth, healthcare, and elder care,” she mentioned.
In 2024, 58% of municipalities operated at a deficit, and municipal debt is sharply increasing, having ballooned by NOK 220 billion from 2021 to now.
The union advocates for more unrestricted funding.
“We recognize diverse needs across municipalities. Earmarking funds could create limitations; hence we prefer unrestricted funding to enable local politicians to prioritize effectively. Importantly, these funds must enhance services—not fortify savings or cut property taxes. Staffing remains a critical issue, insufficient for the demands at hand,” Skeibrok emphasized.
Solberg on Swiss Exodus: “Norway is Losing Out”
As reported by Finansavisen, several prominent business figures, including investors Øystein Stray Spetalen and Andreas Hofstad, along with Itera’s Arne Mjøs and golf course developer Per Ottar Skaaret, have recently relocated from Norway.
“What opportunities are we missing out on?”
“We are losing out on future investments. We are missing talents that could help further develop our industries. While these individuals still own their businesses in Norway, relocating provides them a different frame of reference,” warns outgoing Høyre leader Erna Solberg in an interview with Finansavisen.
“Norwegian startups report substantial skepticism towards investing in companies based in Norway, questioning whether they too should relocate. Consequently, we’re at risk of losing the very talents we require for future growth,” Solberg underscores.
“They have expressed difficulties in securing temporary relocations to Norway due to the exit tax. Additionally, there’s a noticeable decline in incoming investor capital. This poses a significant challenge as we undergo a transition away from an oil and gas-driven economy toward new opportunities,” she adds.
Støre: “Voters Can Trust Me”
In a clear statement, Prime Minister Jonas Gahr Støre asserts, “People can trust the Labour Party.”
His party’s standing has recently dropped in polls following budget proposals that included cuts to free ferry services and student debt relief in rural areas, actions contradicting pre-election promises.
Støre recognizes that the Labour Party’s breach of promise has contributed to this decline.
“That’s likely a primary reason. We must apologize for misstatements made during the campaign, and I’ve personally extended my regrets. Moving forward, we must prove ourselves worthy of the voters’ trust through our policy actions, proposals, and communication style,” he explained.
Reactions from the Senterpartiet, Ap mayors, commuters, and recent graduates regarding perceived inconsistencies during the budget process have posed challenges for Støre, while Finance Minister Jens Stoltenberg has taken to an international book tour.
“Why would anyone trust the Labour Party after this?”
“Because everyone makes mistakes—it’s human,” Støre replied.
“Was this an error or a deliberate misrepresentation?”
“From my perspective, this was an error, one that should not have happened, and I acknowledge that,” he concluded.
Riksrevisjonen Sounds the Alarm on State Spending
Recent calculations from the Riksrevisjonen reveal that state expenditures have surged by NOK 800 billion from 2001 to 2024, juxtaposed against a NOK 480 billion rise in revenues.
“This represents an almost 75% increase in spending. The most significant rise is seen in pensions, yet we also observe substantial growth in disability benefits. From 2019 to 2024, the payouts for sick leave, work assessment allowances, and disability benefits increased by NOK 37 billion,” explained Auditor General Karl Eirik Schjøtt-Pedersen.
The deployment of funds from the Oil Fund has also dramatically escalated, leaping from NOK 64 billion in 2002 to NOK 415 billion in 2024.
This trend has rendered the Norwegian welfare state increasingly vulnerable. According to the Finance Ministry’s perspective report, expenses are predicted to exceed revenues by an average of NOK 7 billion each year until 2060, primarily due to an aging population.
“I wonder if the Norwegian public is fully aware of what these figures imply—how much society must adapt and the stringent prioritizations politicians will have to make moving forward,” Schjøtt-Pedersen remarked.
“To address that NOK 7 billion gap, we must identify methods to either cut spending or increase taxes and fees. This implies changes of a magnitude far beyond what is currently debated publicly,” he continued.
Chief Economist Highlights Concerns Over EU Tariffs
Kyrre Knudsen, Chief Economist, expresses deep concern regarding impending EU decisions that could impose protective measures affecting Norway.
“It’s quite alarming for us. Given our close ties to the EU through the EEA Agreement, we expected to be included under these protective tariffs,” Knudsen said.
On Wednesday, Minister of Industry Cecilie Myrseth communicated that the EU has indicated plans to institute protective measures concerning alloy steels, with potential repercussions for Norway.
“This situation breeds uncertainty and confusion in the industrial sector,” he asserted.
Alloy steels are integral in steel production, with Norway being a significant supplier to the EU market, accounting for nearly half of the EU’s imports in this sector.
“These protective measures may jeopardize around 2,000 jobs in Norway,” Knudsen noted.
“The actual impact on Norway will hinge on which industries are affected. This serves as an illustration that the EU may not necessarily prioritize concerns related to Norway; their immediate focus lies on their domestic challenges, amplifying uncertainty for small, export-reliant economies like Norway,” he concluded.
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