Italy's 2027 budget to feature €23.5 billion in new measures - DBP

(ANSA) - ROME, 15 OTT - Italy's 2027 budget law will feature approximately 23.5 billion euros in new measures to support households and businesses, according to the Draft Budgetary Plan (DBP) that Premier Giorgia Meloni's government sent to European Commission and the Italian parliament on Thursday. It says the financial sector will make a contribution of five billion euros for next year, with the banks and insurance companies chipping in with an additional three billion euros in 2028 and two billion in 2029. The document says cuts to ministries and levies in the gambling industry will also help cover the spending. "The Government is putting the protection of households' purchasing power—with a particular focus on the most vulnerable— and support for businesses and investment at the heart of its budgetary policy," the DBP reads. The document confirms that the government will use of the national escape clause allowing a country to run extra deficit to finance increased spending on defence and energy security. The budget deficit is projected to come in at 3.4% of GDP in 2027 and 3.2% in 2028 after returning to below 3% threshold this year to enable Italy to emerge from its excessive-deficit procedure. (ANSA).
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