Italy’s Meloni defends windfall tax move against banks

PM says ‘the right things must be done’, having watered down measure in response to fall in lenders’ shares

Italy’s prime minister, Giorgia Meloni, has doubled down on a shock decision to introduce a 40% windfall tax on banks, saying she would “do it again” despite having sent lenders’ shares plunging last week.

The leader of the rightwing Brothers of Italy party told Italian newspapers on Monday that implementing the tax was the right decision for her government, which is the latest to target banks accused of profiteering at a time of high interest rates.