Swiss to unveil support package to ease franc pain

The Swiss government is preparing to unveil a CHF1.5bn (£1.1bn) package to help the country deal with its soaring currency when it meets later today, Reuters reports.

As part of the new measures, the government will exempt small and medium-sized companies and hotels from social security contributions, according to Swiss newspaper TagesAnzeiger, which cited sources close to the Swiss cabinet. The social security reductions, which could reduce the burden on companies by up to CHF1.3bn, will be limited for one year, the paper said. Speculation has also been rife that the Swiss National Bank, which is in talks with the Swiss government, could set a lower limit for the euro-Swiss franc exchange rate on Wednesday. Investors concerned by the European s...