Draft budgetary plan sent to the Commission and the European Parliament
“The soaring cost of energy threatens the survival of our businessesnot only in energy-intensive industries, but also in services”. Thus the Minister of Economy Giancarlo Giorgetti in the introduction of the budget planning document that was sent to the Commission and the European Parliament. “We are going through a phase of severe difficulty at an economic and social level and of great uncertainty regarding the geopolitical context. Households are hit hard by the sharp rise in inflation while wages grow at a very moderate pace. A continuation and strengthening of aid to businesses and households is therefore required, making it even more targeted, incisive and differentiated”, he adds. “This is so that budgetary resources are spent wisely and, at the same time, situations do not arise competitive disadvantage to the detriment of Italian companies and poverty and social hardship are not aggravated”, he explains. “A ‘targeted’ approach means that, although the energy cost mitigation policy is aimed at all citizens and all businesses, a significant portion of the resources allocated is aimed at supporting the weakest segments of the population and those businesses that find themselves in the greatest difficulty, as they cannot pass on the prices the sharp cost increases in the face of international competition that benefits from energy and more contained materials”. “The adjective ‘temporary’ underlines, however, how the Government undertakes to reduce and then eliminate aid and cuts to unapproved taxes otherwise the prices of natural gas, energy and fuel will return to levels in line with the pre-crisis period”.
DEAR ENERGY – “At the end of Marchin view of the preparation of the 2023 Stability Programme, the Government will reassess the situation and, if necessary, implement new measures to combat high energy pricesusing as a priority any additional income and cost savings that occur in the first months of the year”.
THE ITALIAN ECONOMY – “The budget law for 2023 also contains numerous economic policy measures consistent with the government’s medium-term strategy; measures which, provided with autonomous coverage, will not have a negative impact on net borrowing. This testifies to the government’s commitment to achieve a balance between sound management of public finances and a relaunch of economic growth in a sustainable key and, in the belief that this can also produce positive effects on the yield differential on government bonds”.