Italy approves tight budget partly funded by a levy on banks and insurers

Associated Press

ROME (AP) — Italy’s far-right government has approved a budget for next year of about 30 billion euros, or $33 billion, which officials say will be partly funded by a levy on Italian banks and insurers. Prime Minister Giorgia Meloni said late Tuesday that the government expected to raise some 3.5 billion euros from banks and insurance companies to ensure better public services, especially the country’s struggling health service, and help the most vulnerable citizens. The measures still need to be approved by the Italian parliament, with a final vote expected by the end of the year. Economy and Finance minister Giancarlo Giorgetti had been under intense pressure for weeks to reconcile the need to speed up Italy’s deficit reduction with the government’s expensive electoral promises.