16 billion manoeuvre, 10 from spending cuts and 6 from higher revenues
In the Public Finance Programme forwarded to Parliament, the key figures of the Budget Law 2025 that will be approved in the Cdm in the next 10 days
by Marco Mobili and Gianni Trovati
The manoeuvre 2026-2028 "will finance interventions amounting to an annual average of approximately 0.7 percentage points of GDP". The coverage will come from "a combination of measures on the revenue side", amounting to around 6.5 billion and for the rest from "interventions on the expenditure side".
This can be read on page 56 of the Public Finance Planning Document approved on Thursday evening in the Council of Ministers and now transmitted to the Houses of Parliament. At the moment, the text merely outlines the key measures of the financial manoeuvre expected in the CDM on 13 October. In particular, part of the manoeuvre will be 'a recomposition of the tax levy by reducing the incidence of the burden on labour income and a further refinancing of the national health fund will be guaranteed. In addition, in order to give continuity to the measures approved by the government, specific measures will be planned to stimulate business investment and ensure their competitiveness. In addition, public investments financed with national resources will be preserved, which are expected to remain at an average level of 3.4 per cent of GDP, above the level for the years of the NRP. Finally, measures to support the birth rate and work-life balance will be increased'.
A spending brake, by the way, will also be necessary to correct a 'mismatch between the projected 2026 (1.7 per cent) net expenditure growth rate and the target (1.6 per cent)'. The squeeze will only loosen from 2027 onwards, when in fact a slight expansionary effect is expected from the measures, offering an additional decimal to growth from +0.7 per cent trend to +0.8 per cent programmatically.
