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European Commission

Italy may cut deficit target in bid to appease European Commission

ROME: Italy’s governing coalition may reduce next year’s budget deficit target to as low as 2 percent of gross domestic product to avoid disciplinary action from Brussels, two government sources said on Monday. The move set off a rally in financial markets but it was unclear if the downward revision would be enough to satisfy the European Commission. The goal in the draft budget is now 2.4 percent of GDP, much higher than the 0.8 percent set by the previous government, prompting European partners to first threaten a…

New London pollution tax comes into force

LONDON: Drivers of the most polluting vehicles will face an extra daily charge for driving into central London on weekdays from Monday in a bid to improve air quality in one of Europe’s most polluted cities. London Mayor Sadiq Khan announced the new £10 ($13.2) charge — which will be on top of a daily £11.50 congestion charge — in February, after the European Union ordered Britain to cut air pollution. “As mayor I am determined to take urgent action to help clean up London’s lethal air,” Khan said in a statement.…