Italian government submits 2027 budget plan with €23.5bn in measures — ANSA English

The government of Prime Minister Giorgia Meloni has sent the European Commission and the Italian parliament a draft budget plan for 2027, which provides for around €23.5 billion in new measures to support households and businesses. As ANSA English reports, the document identifies protecting the purchasing power of the population, particularly the most vulnerable groups, as well as support for businesses and investment, as the central priorities of budget policy.

Financial sector contribution

According to the draft, the financial sector is expected to make a contribution of €5 billion next year. Banks and insurance companies are also expected to provide an additional €3 billion in 2028 and €2 billion in 2029.

Part of the spending is planned to be financed through cuts in ministry expenditure and levies on the gambling industry.

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Deficit and defence spending

The document also confirms the government's intention to use the national escape clause, which allows the deficit to be increased to finance additional spending on defence and energy security.

Italy's budget deficit is forecast at 3.4% of GDP in 2027 and 3.2% of GDP in 2028. The government expects the figure to fall below the 3% threshold this year, allowing the country to exit the excessive deficit procedure.