Italy's 2027 budget worth €26 billion, PM Meloni says

ROME, Oct 28 (Reuters) - Italy's government on Wednesday approved its 2027 budget, the last before a general election due next year, which entails tax cuts and spending hikes worth €26 billion ($28.9 billion), Prime Minister Giorgia Meloni said.

"I am very satisfied with the consistency, unity and freedom we have shown" in drafting the budget plan, Meloni told reporters speaking at the government headquarters after the cabinet meeting.

The prime minister said around €5 billion would be collected from banks and insurers to fund the measures envisaged in the budget, while a contribution of some €700 million would come from energy groups.

($1 = 0.8993 euros)

(Reporting by Giuseppe Fonte; writing by Angelo Amante, editing by Gianluca Semeraro)