Giancarlo Giorgetti

Money Moves

Saw the cabinet approve the 2027 budget bill on 28 October, about €26bn, after the EU allowed about €2.5bn in extra energy spending. He had warned earlier that resources were tight.

On 28 October the cabinet approved a €26bn budget for 2027, which Rome says is about €2.5bn more than planned because Brussels allowed extra energy spending. Italy will pay for part of it with higher taxes on banks, insurers, energy firms and gambling operators. Banks' corporate tax (IRES) rises to 30.5%, and the deficit is projected at 3.4% of GDP in 2027.

Updated Oct 29