BUSINESS-ECONOMY
Italy's cabinet, led by Prime Minister Giorgia Meloni, is looking to the country's banks and insurers for financing its budget under new plans aimed at delivering giveaways pledged to voters. “As we promised, there will be no new taxes for citizens,” Meloni said in a post on X on Tuesday. “€3.5 billion from banks and insurance companies will be allocated to healthcare and the most vulnerable.” She didn't disclose how that money would be raised or over what period. The Treasury confirmed that the financial sector will be chipping in to pay for this expenditure but said nothing further. Finance Minister Giancarlo Giorgetti has scheduled a press conference for Wednesday at 11 a.m. in Rome. Ministers signed the budget into approval in a late meeting on Tuesday, just in time to meet a deadline to submit the plan for European Union scrutiny. Further measures have to be taken and presented before parliament for approval. It has a gross value of €30 billion ($33 billion) for 2025, wrapping weeks of government deliberation over how to balance the promise of speeding up Italy's deficit reduction with the political necessity of fulfilling costly election commitments. Those promises include a reduction in the tax wedge — the difference between what workers cost employers and what is paid out to them — and support for low-income households and small businesses. In addition, the government is also increasing defence spending and investing additional funds into healthcare. The announcement reflects one of the objectives of Giorgetti — a member of the League, which is a junior partner in the governing coalition — to produce a budget reaping "sacrifices from everyone," a budget in which every part of society would have a share, as he pointed out early this month during an interview with Bloomberg. This article includes reporting from Bloomberg. None
What’s New
Spotlight
Advertisement
Featured News
Latest From This Week
Popular News
