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italian parliament The government’s 2026 budget was approved on Tuesday, including deficit reduction measures.
The roughly 22 billion euro ($25.9 billion) budget aims to reduce the deficit to 2.8% of gross domestic product in 2026 from 3% previously, with European Unionrequirements.
Conservative coalition led by Prime Minister Georgia Meloni The House of Representatives won the final vote on the budget 216 to 126.
“The budget is serious and responsible, crafted against a challenging backdrop, and focuses limited available resources on families, jobs, businesses and health care,” Meloni wrote on the X after the approval.
The budget measures have drawn criticism from the centre-left opposition, who warn they do not address key issues of Italy’s shrinking wages and high taxes.
Elie Schlein, leader of Italy’s center-left Democratic Party, said the government’s budget law was inspired by austerity policies and failed to help low-income workers and families cope with rising prices.
About 25% of the budget’s funding comes from the financial sector, and the tax hikes have hit banks and insurance companies.
this European Central Bank It warned that the levy could force domestic banks to cut already limited credit flows to households and businesses.