Italian PM moves to cut taxes, revamp labor market

Italian Prime Minister Matteo Renzi has proposed cutting taxes by up to €10B and to reform the labor market as part of an attempt to revive his country's moribund economy and reduce unemployment of a record 12.9%.

The government will reportedly pay for the tax reductions by lowering spending, including by cutting the number of Lockheed Martin (LMT) F-35 jets that the armed forces will buy.

Meanwhile, the lower house of parliament is set to pass an electoral reform bill designed to make Italy more governable, including by increasing voting thresholds.

The FTSE MIB is -0.2%.


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