Italy may shift 2 billion euros from tax cuts to energy price curbs

Italy may shift 2 billion euros from tax cuts to energy price curbs - sources
© Reuters. FILE PHOTO: Italy’s Prime Minister Mario Draghi looks on during a news conference after signing an accord with French President Emmanuel Macron to try to tilt the balance of power in Europe, at Villa Madama in Rome, Italy, November 26, 2021. REUTERS/Remo

ROME (Reuters) – Italy is considering increasing by some 2 billion euros ($2.27 billion) funds set aside to curb energy prices next year, using resources previously planned to cut income and business taxes, three government sources said.

With international energy prices soaring this year, Mario Draghi’s government already spent more than 4 billion euros to try to rein in utility bills by compensating companies that agreed to cap their tariffs.

Draghi set aside a further 2 billion euros for next year in the 2022 budget approved by cabinet in October, but with energy cost pressures continuing to fuel consumer price inflation, the government is now considering doubling that sum.

($1 = 0.8828 euros)

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