STOCKHOLM (euters) – Swedish Finance Minister Magdalena Andersson said on Saturday the center-left coalition government would introduce a bank tax to fund greater defense spending from 2022.

“The extra (for defense) for 2022 will be financed by an increase in taxes on the financial sector from 2022,” Andersson told reporters. She said the levy would bring in an extra 5 billion Swedish crowns ($520.56 million) per year. Andersson gave no details on how the tax would be levied.

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