Meloni defends windfall tax on banks after market turmoil

Money will be used to support families and businesses – premier

(ANSA) – ROME, AUG 9 – Premier Giorgia Meloni on Wednesday defended the 40% windfall tax that the government has decided to impose on banks’ surplus profits, a surprise move that led to market turmoil on Tuesday.
“At the last cabinet meeting (on Monday) we approved many important measures,” Meloni said in a video message.
“The most important regards taxation of the unjust (profit) margins of the banks.
“The money will be used to finance measures to support families and businesses as they go through a difficult time due to the high cost of money”.
The Italian banks lost close to nine billion euros in stock-market capitalization on Tuesday after the government’s surprise announcement of the windfall tax.
They recouped around four billion euros in early trading on Wednesday after the economy and finance ministry said that the new tax it would be capped to 0.1% of the institutes’ assets (ANSA).