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Voting Closes in Norway’s Tight Race With Labour-Led Bloc Holding Narrow Edge

Coalition bargaining now hinges on small parties, with the wealth tax and Israel-linked sovereign fund investments set to shape demands.

Overview

  • Two days of voting concluded at 19:00 GMT with exit polls due immediately and final tallies expected by Tuesday, as Norway’s 169-seat Storting is filled by proportional representation with 19 levelling seats and a 4% national threshold.
  • Poll averages shortly before polls closed projected about 88 seats for a centre-left alliance, a slim edge within the margin of error that leaves the final outcome dependent on smaller parties and levelling seat allocations.
  • The century-old wealth tax dominated the campaign, with Labour defending it, the Conservatives seeking reductions, and the Progress Party calling for abolition of the levy of up to 1.1% on assets above 1.76 million kroner, which Labour says raises roughly 34 billion kroner a year.
  • Norway’s $2 trillion sovereign wealth fund drew scrutiny over investments tied to Israel, as the Socialist Left pressed for broader divestment, the fund exited at least 11 companies in recent months, and Finance Minister Jens Stoltenberg signalled more divestments could follow.
  • Foreign-policy turbulence from the wars in Ukraine and Gaza and tariff threats from Washington elevated calls for stability, a dynamic analysts say may aid Prime Minister Jonas Gahr Støre, even as the populist Progress Party polls ahead of the Conservatives on the right.