Government taxes banks and departing citizens in new budget
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The Italian government has revealed further details of its budget law, introducing a wealth tax for individuals leaving the country and cutting income tax (Irpef) for 3.2 million people. The budget also aims to secure 5.8 billion euros from banks, a measure that has led to an open conflict between the government and the banking sector. Additionally, the budget includes fiscal discounts for young renters and a "bonus mamme" for new mothers.
In other domestic news, Italy's inflation rate reached a three-year high of 5.4 percent in October, with high energy costs contributing to soaring prices and a halt in economic growth. Meanwhile, the center-left opposition has agreed to hold primary elections in February 2027 and finalize a common political program in November, signaling a unified effort against the current government.
Nationwide protests against the high cost of living and government policies continue, with over a million people demonstrating across Italy and a new protest scheduled for November 7th in Turin. Recent polls indicate a drop in support for Roberto Vannacci's 'Futuro nazionale' party, while the Brothers of Italy (FdI), Democratic Party (Pd), and Five Star Movement (M5S) have seen gains.