Finance Minister Clyde Caruana unveils Budget 2023 live in Parliament

Finance and Employment Minister Clyde Caruana has begun unveiling the Government’s national Budget for 2023 in Parliament.

The second Budget to be presented by Minister Caruana, this year he has unveiled a brand new, red brief case to hold the official document, in a nod to Malta’s British past. Traditionally, Malta’s finance minister has held the official Budget document in a black brief case with Malta’s coat of arms embossed in gold.

Government has already confirmed it will not be raising or adding taxes, while Malta’s constituted bodies have made several proposals aimed at addressing the country’s workers shortage.

It has also confirmed that €608 million has been allocated to continue its policy of freezing electricity and fuel prices, while also subsidizing the import of staple foods.

Employers have expressed serious concerns at the expected Cost Of Living Adjustment (COLA) for next year, which is expected to hover close to the €10 mark. For context, the 2022 adjustment stood at €1.75 per week.

Follow Minister Caruana’s speech here.