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Italy to approve $14.5 billion package against inflation

Thursday, August 4, 2022
Italy to approve $14.5 billion package against inflation © Reuters. A woman shops at Campo de' Fiori market, on the day the European Central Bank's rate-setting Governing Council holds an unscheduled meeting to discuss the recent sell-off in government bond market, in Rome, Italy, June 15, 2022. REUTERS/Guglielmo Mangiapa

By Giuseppe Fonte

ROME (Reuters) - Italy plans to approve on Thursday a new aid package worth around 14.3 billion euros ($14.5 billion) to help shield firms and families from surging energy costs and consumer prices, government officials said.

The scheme, one of the last major acts of outgoing Prime Minister Mario Draghi before a national election next month, comes on top of some 33 billion euros budgeted since January to soften the impact of sky-high electricity, gas and petrol costs.

A draft decree seen by Reuters showed that Rome planned to extend to the fourth-quarter of this year existing measures aimed at cutting electricity and gas bills for low-income families as well as reducing so-called "system-cost" levies.

Designed to help finance initiatives ranging from solar power subsidies to nuclear decommissioning, the levies typically accounted for more than 20% of Italian energy bills before the government started to act.

Among a raft of measures, the government will extend a 200 euro bonus paid in July to low and middle-income Italians to workers who did not previously receive it.

A cut in excise duties on fuel at the pump scheduled to expire on Aug. 21 is set to be extended to Sept. 20.

Rome is also considering preventing energy companies from making unilateral changes to electricity and gas supply contracts for households until October, according to the draft.

With tax revenues doing better than forecast, funding for the package will not drive up the public deficit target, which Rome last week confirmed at 5.6% of national output this year.

Some 1.6 billion euros will go to reducing in the second half of this year the so-called tax wedge, the difference between the salary an employer pays and what a worker takes home, with the benefit going to employees with an annual income worth less than 35,000 euros.

The Organisation for Economic Cooperation and Development (OECD) estimated that in 2021 the average single worker in Italy lost 46.5% of his gross salary in taxes and social contributions, the fifth-highest ratio out of a group of 38 advanced nations.

To support purchasing power of elderly people, the government will bring forward to the fourth quarter of 2022 a 2% revaluation of pensions scheduled for 2023, at a cost for state coffers of around 2.4 billion euros.

($1 = 0.9835 euros)

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17-08-2022 22:54:21 (UTC+7)

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 EUR/USD1.0165↑ Buy
 GBP/USD1.2037Neutral
 USD/JPY135.40↑ Sell
 AUD/USD0.6913↑ Sell
 USD/CAD1.2935↑ Buy
 EUR/JPY137.64Sell
 EUR/CHF0.9693↑ Buy
 Gold1,776.10↑ Sell
 Silver19.663Neutral
 Copper3.5815↑ Buy
 Crude Oil WTI86.39↑ Sell
 Brent Oil92.15↑ Sell
 Natural Gas9.223Buy
 US Coffee C219.90↑ Sell
 Euro Stoxx 503,753.25↑ Sell
 S&P 5004,255.63↑ Sell
 DAX13,626.71Neutral
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,973.15↑ Sell
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
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