Aid decree ter, the Budget Office rejects the government report to Parliament: “There is a lack of relevant information on the economic situation” – Il Fatto Quotidiano

In relation sent by Parliament to the government to ask for the go-ahead to resort to debt to finance the (postponed several times) Aid decree ter “Are missing relevant information on the macroeconomic and public finance framework for the current and subsequent years “, for which” at the moment it is not possible to provide one timely evaluation of the balances of public finance“. The reproach at Palazzo Chigi is black on white in the memory sent to the Senate Budget Committee by‘Parliamentary Budget Officewho examined the document presented by the Prime Minister Mario Draghi and just approved by the Chamber with 214 votes in favor. The body that must verify the macroeconomic and public finance forecasts is forced to warn that “for the complete analysis of the revisions of the public finance balances under current legislation and the impact of the use of any budget margins (…) believes indispensable that future Reports to Parliament contain a full update of the macroeconomic and public finance framework “.

Step back. Since, in 2012, the balanced budget has been inserted into the Constitution, each deviation from that objective must be authorized by the Chambers after hearing the European Commission. The government must in fact prepare a report in which it explains the purposes of the “sgarro” and updates the public finance objectives. In this case, the outgoing executive explains that “in the first eight months of 2022, despite the evolution of the international situation, a substantial improvement in the Public finance trend framework“So, with respect to the report presented on July 26 in view of the Aid bis decree, “L‘debt would be approximately € 6.2 billion lower, entirely due to the major ones enter“Tax and social security contributions. A “fiscal space” that it intends to “allocate to the coverage of further measures support of families and businesses affected by price increases, in particular for energy and gas“.

Since the “treasure“Comes from higher-than-estimated revenue, the government believes the public account balances they will not get worse, but must still submit the document. In which he anticipates that to finance the next provision he will integrate the 6.2 billion with other resources “to be found through further interventions, including those of rationalization of the allocations of the State budget, as well as those of equalization related to higher profits made on the selling price of electricity produced using renewable sources “.

The UPB believes that the reference to the events exceptional which motivates the government’s request to be “consistent with EU law” and agrees that the information available continues to indicate an improvement in public finance balances. But that’s not enough, because other things have changed compared to the end of July: “Confirmation of the growth forecast for 2022 GDP appears reasonable considering the information available at the moment; however, they are Expectations for economic growth worsened significantly next year “. On the expenditure side, that for interest “is more consistent, in particular due to the effects on inflation-linked securities of price growth “. For the three-year period 2023-2025, then, “any risks, of which the Report does not mentionemerge with reference to both the persistence of the higher revenue recorded in 2022 and the dynamics of some primary expenses such as, for example, pension expenditure which is indexed to the inflation rate, and interest expenditure “.

There is also no lack of other “elements of uncertainty“Not indifferent: from the” possible acceleration in the second half of the year of the actual costs of building bonuses “to the need to” ensure that the critical issues connected with the actual collection of the extraordinary contribution on extra profits of companies in the energy sector: the revenue from the first installment was significantly lower to expectations and different are the contentious presented by companies “, but that revenue according to the government”it should partly finance i new interventions that the government intends to adopt urgently “.

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Aid decree ter, the Budget Office rejects the government report to Parliament: “There is a lack of relevant information on the economic situation” – Il Fatto Quotidiano


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