The Daily Update - Italy and budgets, Presidents and cream

Italy's 2019 budget approved by the cabinet on Monday includes a basic income for the poor, lowers the retirement age and offers a partial amnesty to settle tax disputes. (Here’s a question, is Italy the only country in the world to be lowering the retirement age?). Prime Minister Giuseppe Conte and his top ministers told reporters on Monday. Speaking after the cabinet signed off on the budget bill, Deputy Prime Minister Luigi Di Maio said the basic income to relieve poverty would kick off within the first quarter of the year.

Deputy Premier Matteo Salvini said; The government does not ‘feel bound by the norms on public deficit decreed by Brussels and which many European governments have ignored, starting with France, Spain and German’, and continued with the flat tax, basic income and abolition of the Fornero pension reform ‘will be in the next budget. We were elected to change things’. What could possibly go wrong??

Across the pond and ex-Fed chair Janet Yellen has entered her thoughts on the recent, some say observations, others say criticism, of the Fed by President Trump. Yellen cautioned that Donald Trump's criticism of Federal Reserve policy threatens the institution she ran for four years, adding that it's ‘not a desirable thing for a president to comment so explicitly on Fed policy’.

Finally, it would appear the Serious Fraud Office has been called in to investigate Patisserie Valerie, they suspect someone has been ‘taking the cream from the top’.

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