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Top StoriesSlovak Prime Minister Says 2023 State Budget Will Be Approved in Time
FinanceUK Bond Dealers See Jump in Gilt Issuance for 2023/24 – Reuters Poll
FinanceExplainer-Bracket Creep, Fiscal Drag: How Inflation Warps the Tax Take
TradingUK Faces 50 Billion Pound Fiscal Hole, Government Sources Say
Italy Gets GDP Boost as Govt Pledges Action Against Inflation
Date: October 31, 2022
By Gavin Jones and Giuseppe Fonte ROME (Reuters) -Italy’s economy performed unexpectedly well in the third quarter, data showed on Monday, offering a welcome boost for the country’s new government as it plans extra borrowing to help families and firms cope with surging inflation. Gross domestic product grew by 0.5% in the third quarter from...
Analysis-Despite Tax U-Turn, UK’s Hunt Still Faces Tough Budget Choices
Date: October 17, 2022
By William Schomberg LONDON (Reuters) – The screeching about-turn on tax cuts by finance minister Jeremy Hunt on Monday will not spare Britain from painful spending cuts and new tax hikes to fix the country’s public finances. Hunt stripped Prime Minister Liz Truss’s economic plans of all but a few of her tax-cutting promises as...
Italy Slashes 2023 Growth Forecast but Sees Public Finances Improving
Date: September 28, 2022
By Giuseppe Fonte and Gavin Jones ROME (Reuters) – Mario Draghi’s outgoing Italian government on Wednesday slashed next year’s economic growth forecast to 0.6% due to sky-high energy costs but said strong revenues would still ensure an improvement in public finances. Gross domestic product in the euro zone’s third largest economy will “decline slightly” over...
Ireland Dips Into Budget Surplus to Ease Cost of Living Squeeze
Date: September 27, 2022
By Padraic Halpin and Conor Humphries DUBLIN (Reuters) -Ireland dipped into one of Europe’s few budget surpluses to fund higher-than-usual spending hikes and tax cuts, ease energy costs for firms and consumers and set cash aside in a budget it said was in sharp contrast to neighbouring Britain’s economic plans. Finance Minister Paschal Donohoe said...
Czech Government Slightly Raises 2023 Deficit Target to $11.5 Billion
Date: September 27, 2022
PRAGUE (Reuters) – The Czech government approved the 2023 central state budget draft with a deficit of 295 billion crowns ($11.5 billion), above a previously debated target of 270 billion crowns, Finance Minister Zbynek Stanjura said on Monday. The rise includes higher spending on social support in light of Europe’s energy crisis, including caps on...
Portugal Maintains 2022 Deficit Forecast Despite First-Half Surplus
Date: September 23, 2022
LISBON (Reuters) -Portugal swung to a budget surplus of 0.8% of gross domestic product in the first half of 2022 from a deficit of 5.7% a year ago, the National Statistics Institute (INE) said on Friday, although it left its full-year deficit forecast unchanged. In an update of the country’s excessive deficit procedure reported to...