I'll cut taxes to boost economy, says Hungary's PM-to-be

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I'll cut taxes to boost economy, says Hungary's PM-to-be

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Hungary’s prime minister-in-waiting Viktor Orban on Monday vowed to cut taxes to boost the country’s economy.

Orban said his centre-right Fidesz party had the right remedies to steer Hungary out of recession.

“The focus of out economic policy is not austerity measures but how to generate economic growth,” he told reporters on Monday.

Fidesz won an absolute majority in Sunday’s first-round vote although a runoff is set for April 25.

It will need a two-thirds majority in Hungary’s 386-seat parliament to push through most of their planned reforms.

Orban has ruled out cooperating with Gabor Vona’s far-right Jobbik party, which won 16 per cent by tapping resentment over the country’s Roma minority and blaming them for Hungary’s economic woes.

Hungary asked the IMF for a 20bn-euro credit line in October 2008 as it’s large public debt pushed up the cost of borrowing from the markets.

That battered investor confidence as unemployment soared to a 16-year high of 11.4 percent.