A growth rate of average annual spending of 1.5% and a correction of the structural balance of 0.5% “will make it possible to reach below 3% as early as 2026 and thus begin to emerge from the irregularities procedure that we meet. “This is what Economy Minister Giancarlo Giorgetti announced in a briefing note on the meetings with the social partners on Wednesday (he met yesterday with local authorities) in light of the definition of the Structural Budget Plan (SBP). Growth, at 1% this year as already expected by the Defense Minister, will rise to 1.2% in 2025 and 2026. The deficit/GDP should fall to at least 3.2% in 2025, while the target in 2026 will be set at 2.7 and the debt, which at the end of last year was 134.6%, is expected to rise. of GDP as a result of the Istat review, during the first two years of budget planning due to “various construction bonuses starting from Superbonus 110 which will impose a more stringent fiscal adjustment”.
Unfortunately, Giorgetti noted that “the European Commission’s approach is not expansionary” and that “Italian requests to look at investment spending differently have not been accepted.” Despite everything, Giorgetti confirmed yesterday that there will be more resources for the National Health Fund so as not to reduce the ratio between health spending and GDP (estimated at about 900 million net contractual increases). As the Treasurer explained, “this means that other expenditures should be lower” even if the commitment “to restore inflation values, that is, about 2% per annum,” is confirmed in public works contracts. Therefore, the regions will also have to contribute up to 350 million to the 2025 budget, according to the provisions of the 2024 Budget Law. These are the additional elements that appeared yesterday compared to what Giorgetti has always repeated, namely the goal of “Make”. “Structuring” some measures such as reducing the tax wedge for low- and middle-income workers and reforming Irpef rates.
Moreover, the Minister expressed his hope that an agreement would be reached and the contribution paid by those who benefited most from particularly favorable conditions would be shared, specifying that measures such as taxes on additional profits would not be considered. He explained, “We ask for the contribution of all those who are able to contribute by searching together for the best ways to achieve the goals,” stressing that the guiding principle is “not to contribute to fueling the public debt of new generations.” “Additional profits do not exist in any principle” All Italian banks have so far been bailed out “through obligatory contributions from competing banks, not from public funds,” Abiy’s president, Antonio Batelli, confirmed yesterday. However, credit institutions remain available to assist the executive in obtaining a liquidity advance (as a tax alternative) or a voluntary contribution. The key point is to protect balance sheets and assets.
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Contrary to what appeared the day before, he will return to the Cabinet today and next week will go to the two chambers, where examination will begin on October 8. The budget session will officially begin on the same date.
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