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Orban: Govt to protect utility cuts, cut excess profits

May 25th, 2022

Prime Minister Viktor Orban announced setting up a "utility cut protection fund" and a defence fund on Wednesday. In a video published on Facebook, the prime minister said banks, insurance companies, large distribution chains, energy and trading companies, telecommunications companies and airlines would be obliged to pay "a large part of their excess profits" into those two funds. The new funds will finance the government's public utility cut programme and development projects for the military, Orban said. He added that the new measures would apply for 2022 and 2023.


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