Clyde Caruana Budget 1

The national Budget for 2023 will finally be revealed on Monday evening (tonight) and comes later in the month than usual.

Finance and Employment Minister Clyde Caruana will be delivering his second ever Budget speech, which is expected to take around two-and-a-half hours long.

So, how will tonight work?

Minister Caruana will present a copy of the Budget publication to President George Vella at 4.45pm.

One hour later, the Minister, together with Parliamentary Speaker Anglu Farrugia will arrive in Parliament, where the Budget speech will be delivered.

At 6.30pm, Minister Caruana will begin his Budget speech, expected to last until roughly 9pm. It will be televised live on the Parliament’s official website, as well as on the national broadcaster.

With promises of no new taxes or burdens for private individuals or businesses, all eyes will be on the Minister to understand how the Government hopes to keep its finances in check against the backdrop of freezing energy prices and subsidising staple foods.

Following the Budget speech, Prime Minister Robert Abela as well as PN Leader Bernard Grech are expected to each provide their reactions.

In the days that follow, Malta’s constituted bodies and business interest groups will also give their reactions, contextualising how tonight’s Budget measures will impact their corner of the local economy.

Tonight’s Budget is expected to be less generous than the country has seen in the past years of unprecedented economic growth, however the Government has repeatedly said it will not enter into an era of austerity and will refrain from adding new burdens to the economy and the public.

With the Cost Of Living Adjustment expected to reach almost €10, employers will be paying attention for any incentives or help it can secure from tonight’s measures.

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