Latest news with #NiklasWykman
Local Sweden
2 days ago
- Business
- Local Sweden
Swedish government proposes loosening up mortgage rules
The Swedish government and the Sweden Democrats have proposed reducing the country's amortisation requirement for mortgages as well as lowering the necessary size of a deposit from 15 percent of the property's value to 10 percent. Advertisement A softening of mortgage requirements will make it easier for young people to enter the housing market, the Swedish government said as it presented the proposal. The government also hopes that the proposed measures will reduce the number of people taking out expensive consumer loans to finance a property purchase. READ ALSO: How a new proposal could make it easier to get on the Swedish housing ladder "It is fundamentally healthy to own your own property, but unhealthy to have a consumer loan," financial market minister Niklas Wykman said at a press conference. "This will help people to cut their consumer loans and borrow more using their property as security." Wykman said that the government believes this could lead to higher property prices in the short term, with a greater supply of homes in the long term. The parties also proposed changing the amortisation requirement, abolishing the rule that households with mortgages more than 4.5 times their income have to amortise an extra percent on their mortgages, arguing that this will lower the threshold for accessing the housing market while also improving household finances. Sweden's base amortisation rule, which requires mortgage holders to amortise one percent of their mortgage per year if their mortgage is between 50 and 70 percent of the value of the property, or two percent for loans over 70 percent, will remain the same. The Riksbank central bank and the Financial Supervisory Authority have been critical of the planned changes to the rules, with their objections including concerns that they will lead to increased household debt, thereby affecting Sweden's economic stability. Advertisement Wykman said the goal of the new proposal is to 'protect a healthy amortisation culture without putting up unnecessary barriers'. 'You need different types of rules to make sure that debt doesn't take off in a way which would be unsustainable for households and for the economy,' the minister said. 'Our starting point is that you should pay back your debts – a loan is a loan.' The new rules have a proposed implementation date of April 1st, 2026.
The Advertiser
21-05-2025
- Business
- The Advertiser
Swedish MPs back financing for new nuclear reactors
Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said. Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said. Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said. Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said.
West Australian
21-05-2025
- Business
- West Australian
Swedish MPs back financing for new nuclear reactors
Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said.
Perth Now
21-05-2025
- Business
- Perth Now
Swedish MPs back financing for new nuclear reactors
Sweden's parliament has passed a bill to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of about 5000 megawatts - or the equivalent in small modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to about 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production,but that only nuclear can supply reliable and predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($A48-$A96 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said.
Reuters
21-05-2025
- Business
- Reuters
Swedish parliament backs financing bill for new nuclear power
STOCKHOLM, May 21 (Reuters) - Sweden's parliament passed a bill on Wednesday to finance a new generation of nuclear reactors the government says are key to energy security and achieving net zero emissions by 2045. The government plans four large-scale reactors - with installed capacity of around 5,000 MW - or the equivalent in small, modular reactors (SMRs). Half of that should be on-stream by 2035, according to the government. "It's a question guaranteeing Swedish jobs, for dealing with climate change and it's a question of Sweden's security," Financial Markets Minster Niklas Wykman said during a debate in parliament on Wednesday. Electricity demand is expected to double to around 300 terrawatt hours over the next two decades and the government says without nuclear power, key new industries like green steel, bio-fuels and large-scale hydrogen production will go elsewhere. The government says it supports all fossil-free energy production, but that only nuclear can supply reliable, predictable power. A white paper published in August last year, which proposed a similar model, said the state could need to lend nuclear developers between 300-600 billion crowns ($31-62 billion). Price guarantees would stay in place for 40 years. Critics say nuclear power will be too expensive and too slow to build and would squeeze out cheaper wind and solar which are the only way to meet increased demand in the short term. "It is an item of religious faith for this government to build nuclear power whatever the price," Birger Lahti of the opposition Left Party said.
