Support the recovery while avoiding increases in the tax burden and at the same time raising investment; start the public debt in relation to GDP, on a path of reduction, thus consolidating the confidence of markets and reducing interest payments; encourage initiatives to allow a strong recovery in employment in the next three years. These policy objectives of government budget presented in Def 2015 approved yesterday in CDM and published today by the Treasury.
The Def is now broadcast in Parliament. By 30 April, two of the sections that make up the Def, the Stability Programme and the National Reform Programme (NRP), will be sent to the EU Council and the EU Commission in Brussels. The scenario planning, prefigured in Def, marks the return of growth after a prolonged period of recession.
By 2015 there was an increase in GDP of 0.7% , which would lead to 1.4 and 1.5% in 2016 and 2017, respectively. Targets are confirmed net borrowing indicated last fall for the period 2015- 2017, equal to 2.6, 1.8 and 0.8% of GDP. Is averted the activation of safeguard clauses for 2016, to ensure the achievement of the objectives of the public finances, which would have resulted in increases in the levy of 1% of GDP.
This objective, it is stressed , is achieved in part thanks to the improvement in the macroeconomic situation, which is reflected in an increase in revenue, and the decline in interest payments than forecast last autumn, with an overall estimated at 0.4 percentage points of GDP; partly as a result of the measures of the spending review which will be defined in the coming months, amounting to 0.6% of GDP. They are also being completed administrative procedures for privatization announced that in 2015 will bring income of about 0.4% of GDP: it is estimated that as a result between 2016 and 2018 the privatization program will mobilize resources equal to about 1.3% of GDP.
The tax burden will fall below 43% of GDP, to 42.9% in 2015 and to 42.6% in 2016, says the final version of Def.
Matteo Renzi does not like to call it “treasure”, but the hat of Def sprout new resources to 1.6 billion euro. The “bonus” (the name chosen by the government) was actually already written between the lines in the tables of the Stability Programme, developed and tested by the CDM last Tuesday, but only today has risen to the surface. To know its destination, however, must still wait “a few weeks”, even if something has already been leaked. Or at least it can be sensed by the statements of many members of the Democratic Party, by Robert Hope to Filippo Taddei Cesare Damiano.
The premier has defined only “hypothesis”, but the most likely is that of a possible intervention on welfare. Perhaps with a sort of 80 euro for the non-taxpayers, one of the projects in which the government has always taken more, but for lack of resources has so far failed to achieve. Or with a specific measure on poverty and an equivalent of the “citizen’s income” wanted by the Movement 5 Stars.
Renzi reiterated that cuts to local authorities in Def there are none, as nothing appears tax increase, but if you will need a meeting will be there. What is in the document instead, but that will gradually tapering is the list of reforms: the pa, but “disappear”, the electoral law, “but it will disappear,” the IRS, this too will disappear. Tuesday, April 21, has finally announced the prime minister, will arrive in fact cdm the first tranche of tax decrees, followed by the second in June.
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