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Switzerland: Voters cast their ballots in referendum on financing of arms manufacturers02:49

Switzerland: Voters cast their ballots in referendum on financing of arms manufacturers

Switzerland, Bern
November 29, 2020 at 15:55 GMT +00:00 · Published

Swiss voters were seen heading to the polls in Bern on Sunday, as part of a referendum to decide on a ban of the financing of arms-makers and an increase in business liability.

Voters could be seen arriving at the Hochfeld polling station and casting their ballots. A majority of people had already voted at home and had their ballot papers ready.

The constitutional amendment put forward would ban the Swiss National Bank I(SNB), alongside insurance companies and pension funds, from funding companies which earn more than 5 per cent of their annual income from war components.

The referendum comes after recent research showed that Swiss banks hold shares and lent loans for an amount of nearly $11 billion, prompting antiwar campaigners to collect 120,000 signatures and thus trigger the referendum. On the same day, Bern citizens also voted in local elections.

Swiss institutions, including the Swiss National Bank, claimed the initiative could undermine its independence, while other banks expressed concern over the risk for Switzerland to see its position weakening as a business location.

Switzerland: Voters cast their ballots in referendum on financing of arms manufacturers02:49
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Description

Swiss voters were seen heading to the polls in Bern on Sunday, as part of a referendum to decide on a ban of the financing of arms-makers and an increase in business liability.

Voters could be seen arriving at the Hochfeld polling station and casting their ballots. A majority of people had already voted at home and had their ballot papers ready.

The constitutional amendment put forward would ban the Swiss National Bank I(SNB), alongside insurance companies and pension funds, from funding companies which earn more than 5 per cent of their annual income from war components.

The referendum comes after recent research showed that Swiss banks hold shares and lent loans for an amount of nearly $11 billion, prompting antiwar campaigners to collect 120,000 signatures and thus trigger the referendum. On the same day, Bern citizens also voted in local elections.

Swiss institutions, including the Swiss National Bank, claimed the initiative could undermine its independence, while other banks expressed concern over the risk for Switzerland to see its position weakening as a business location.

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