Salvini pushes €20bn extra deficit for Italy's 2027 budget

Italy's Deputy Prime Minister Matteo Salvini has called for at least €20 billion ($23.3 billion) in additional deficit spending in next year's budget, arguing the move would not require approval from Brussels.

Speaking to the website Ilsussidiario.net, Salvini said he intends to formally propose the extra spending in the coming days. "We don't need the approval of Brussels, we need a national decision," he said.

The remarks come just two weeks after Prime Minister Giorgia Meloni defended the government's cautious fiscal approach and expressed confidence that Italy could exit the European Union's excessive deficit procedure.

Salvini, who leads the far-right League party, also confirmed he would push for a special levy on large banks, dismissing concerns that such a measure could unsettle financial markets. He voiced support for extending a similar tax on extra profits to energy companies.

"Banks, insurance companies, energy companies, and oil companies are making money," Salvini said. "I'm not in favour of proletarian expropriation, but at a time like this, we need to ask for a contribution from those who can."

The clash between election-year spending demands and the need to respect EU fiscal rules is expected to dominate discussions on the 2027 budget, which the government is slated to present in October.