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Italy's Meloni hails "courageous" budget, opposition plans protests

Wednesday, November 23, 2022
Italy's Meloni hails © Reuters. FILE PHOTO: Italian Prime Minister Giorgia Meloni walks after an emergency meeting at Nusa Dua in Bali, Indonesia November 16, 2022. Firdia Lisnawati/Pool via REUTERS

By Giuseppe Fonte and Gavin Jones

ROME (Reuters) -Italian Prime Minister Giorgia Meloni presented her government's first budget on Tuesday, calling it a "courageous" package even as the opposition said it targeted the poor and planned street protests.

The 2023 budget, approved by cabinet in the early hours of the morning after three hours of discussion, focuses on curbing sky-high energy bills and cutting taxes for payroll workers and the self-employed.

It now goes to parliament, which must pass it by the end of the year.

"I consider it a courageous and coherent budget, courageous in the sense that it bets on the future," Meloni told reporters, adding that she had taken tough decisions regardless of the consequences for her new government's popularity.

The package, which contains almost 35 billion euros ($35.84 billion) of extra spending and tax cuts, aims to speed a recovery in the euro zone's third largest economy which the Treasury says will contract in this quarter and the next.

The main opposition parties dismissed the budget as inadequate to tackle recession and double-digit inflation, and accused the government of targeting the poor by cutting a "citizens' wage" poverty relief scheme for the unemployed, introduced in 2019.

Enrico Letta said his centre-left Democratic Party would organise street protests on Dec. 17, while former Prime Minister Giuseppe Conte, leader of the left-leaning 5-Star Movement, called the cuts to the citizens' wage "inhuman."

The budget allocates over 21 billion euros next year in tax breaks and bonuses to help firms and households pay electricity and gas bills.

This comes on top of some 75 billion euros of similar measures approved this year.

A further 4.2 billion euros are set aside next year to cut the "tax wedge" - the difference between the salary an employer pays and what a worker takes home - with the benefit going to low income workers.

BRIDGE TO SICILY

Among numerous other measures, the budget lowers the retirement age, offers fiscal incentives to encourage hiring on open ended contracts, reduces penalties for people who have not paid their taxes, and plans a bridge to connect Sicily to the mainland - a long-time pet-project of Italy's right.

Next year's budget deficit is targeted at 4.5% of gross domestic product, up from a 3.4% forecast made in September.

Extra borrowing will finance 60% of the 35 billion euros of economic support, while other sources of funding include an increase in a windfall tax on energy companies that have benefited from the surge in oil and gas prices.

With a tax rate rising from 25% to 35% from January to July 2023 and calculated on profits instead of revenues, the new levy will raise some 2.5 billion euros next year, Meloni said.

It follows a framework proposed by the European Commission and replaces a scheme that triggered criticism and refusals to pay from numerous energy firms.

The curbs on the citizens' wage, which the rightist coalition says discourages people from seeking work, is particularly contentious.

Next year, able-bodied people of working age will only be able to draw the benefit for a maximum of eight months, ahead of abolition of the scheme in its current form from Jan 1, 2024.

Antonio Misiani, the PD's economics spokesman, called the budget "war on the poor and favours for tax evaders."

Meloni, who has always opposed the citizens' wage, insisted it was wrong "to put people who can work on the same level as those that can't."

"Faithful to our principles, we'll keep helping those who can't work. For the others it will be abolished," she said.

($1 = 0.9766 euros)

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    EUR/USD 1.0572 ↑ Sell  
    GBP/USD 1.2201 ↑ Sell  
    USD/JPY 149.38 Neutral  
    AUD/USD 0.6438 ↑ Buy  
    USD/CAD 1.3575 ↑ Buy  
    EUR/JPY 157.92 ↑ Sell  
    EUR/CHF 0.9677 Neutral  
    Gold 1,864.60 ↑ Sell  
    Silver 22.390 Neutral  
    Copper 3.7340 ↑ Buy  
    Crude Oil WTI 90.77 ↑ Sell  
    Brent Oil 92.09 ↑ Sell  
    Natural Gas 2.930 ↑ Sell  
    US Coffee C 145.23 ↑ Sell  
    Euro Stoxx 50 4,173.35 ↑ Sell  
    S&P 500 4,288.05 ↑ Sell  
    DAX 15,386.58 ↑ Sell  
    FTSE 100 7,608.08 ↑ Sell  
    Hang Seng 17,822.00 Buy  
    Small Cap 2000 1,785.10 ↑ Sell  
    IBEX 35 9,428.00 ↑ Sell  
    BASF 42.950 ↑ Sell  
    Bayer 45.45 ↑ Sell  
    Allianz 225.70 Sell  
    Adidas 166.62 ↑ Sell  
    Lufthansa 7.506 Neutral  
    Siemens AG 135.66 ↑ Sell  
    Deutsche Bank AG 10.450 ↑ Sell  
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