by Giuseppe Fonte
ROME (Reuters) – Italy is working on a so-called “solidarity” tax that would be levied on banks to finance aid measures for families affected by the rising cost of living, Reuters learned on Thursday. someone familiar with the matter.
This tax should be part of a set of measures that will be debated by the government on May 1, the source added, without giving further details.
Economy Minister Giancarlo Giorgetti said during the day that Rome “could not and would not ignore” the fact that banks have recorded increases in their turnover in recent months, due to the increase in interest rates decided by the European Central Bank (ECB) in order to curb inflation.
According to data from the national banking association released last week, the average interest rate on bank loans stood at 3.81% in March, the highest level since June 2014. For businesses, the borrowing rate averaged 3.9%, a peak since January 2012.
The government of Giorgia Meloni plans to approve at least 3.4 billion euros in tax cuts in order to boost the job market and support household purchasing power.
A meeting is organized on April 30 by the President of the Council with the unions in order to present the measures to them, said her cabinet in a press release.
Rome is looking for ways to finance its aid measures, after phasing out the expansionary policy deployed in the face of the economic impact of the COVID health crisis and as new European Union fiscal rules increase pressure to maintain a prudent approach to public finances.
(Report Giuseppe Fonte; Jean Terzian, edited by Jean-Stéphane Brosse)
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