Italy to unveil tax-cutting 2024 budget amid debt worries

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ROME - Italy's deficit-hiking 2024 budget due to be approved by cabinet on Monday will cut taxes for workers and increase benefits for large families, officials said, amid growing market concerns over the country's strained public finances.

Additional spending of 7-9 billion euros will go on pensions, the health service and public sector contracts, to be funded through alternative savings or tax hikes, two officials said, bringing the total budget package to 23-25 billion euros. Economy Minister Giancarlo Giorgetti says Italy's fiscal stance is justified by the need to support activity in the face of international headwinds stemming from the conflicts in Ukraine and, more recently, the Middle East.

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