Italy’s rightwing coalition has sent bank shares tumbling with a surprise 40 per cent “windfall” tax on lenders’ profits resulting from higher interest rates.
The hasty measure unveiled late on Monday night came after bumper profits for lenders following rate rises, combined with political pressure on Giorgia Meloni’s government over the impact of inflation and higher rates on households.
One senior banking executive called the tax, which the finance minister had previously ruled out, a “cold shower”.
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