Home Business Italian Parliament Backs Meloni Budget of More Than €30 Billion

Italian Parliament Backs Meloni Budget of More Than €30 Billion

2 min read
Comments Off on Italian Parliament Backs Meloni Budget of More Than €30 Billion
0
24

[ad_1]

Article content

(Bloomberg) — Italian Premier Giorgia Meloni won the final green light from parliament for her economic plans for next year.

Article content

The Senate’s Thursday vote in favor of the budget worth more than €30 billion ($31.9 billion) will be a relief to Italy’s new leader as it comes just ahead of a year-end cut-off that would have triggered a government shutdown.

Article content

The 2023 plan includes financing for flagship measures promised by the government including tax cuts for the self-employed and a fiscal truce. Two-thirds of the money will be allocated to measures already in place to ease the impact of the energy crisis.

The budget law also shows a willingness by Meloni to walk back some pledges in order to fall in line with European Union rules. Rome scrapped plans to allow sellers to refuse credit card transactions below €60 following criticism from Brussels.

Cautious Approach

Meloni’s plan also takes a cautious approach to borrowing. Italy is targeting a deficit of 5.6% of gross domestic product this year and plans to cut that to 4.5% in 2023 and 3% in 2025.

Those numbers are less ambitious than previous goals but still show a determination to respect the EU’s 3% limit, currently suspended in the wake of the Covid pandemic.

Meloni told reporters in Rome that Italy will continue to keep its public finances in check.

The budget will be partly financed by a higher windfall tax on energy companies and a reduction in so-called citizens’ income.

[ad_2]

Source link

Load More Related Articles
Load More By 
Load More In Business
Comments are closed.

Check Also

China’s Jan factory activity contracts at slower pace – Caixin PMI

[ad_1] Breadcrumb Trail Links PMN Business Article content BEIJING — China’s factory activ…