Rome

Bank of Italy warns Italian production in steep decline

Says taxes and high energy costs bigger burden than labour

Bank of Italy warns Italian production in steep decline

Rome, July 15 - The Bank of Italy warned on Monday that Italian production is in steep decline. Taxes and high energy costs weigh more heavily than labour on Italian businesses, the market watchdog reported. Italian Economy Minister Fabrizio Saccomani is seeking funds to cover deep cuts or elimination of the controversial IMU property tax, and to cap the value added tax at its current rate of 21%. The Public Administration and Simplification Minister, Gianpiero D’Alia, and Deputy Economy Minister Stefano Fassina denied new austerity measures to balance public accounts.

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