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Economics

Hungary Unveils Windfall Taxes, $6.1 Billion in Spending Cuts

  • Premier Orban publishes decrees to consolidate budget
  • Windfall taxes to hit sectors including banking and energy
Lights illuminate the city skyline and the Chain Bridge at night in Budapest.

Lights illuminate the city skyline and the Chain Bridge at night in Budapest.

Photographer: Akos Stiller/Bloomberg

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Hungarian Prime Minister Viktor Orban used his emergency powers to publish decrees on a sweeping set of windfall taxes and to order about $6.1 billion in spending cuts for this year and next.