San Marino. USOT: “The government finds solutions to support operators”
The San Marino Operators Union of the Tourism launch raises the alarm on the price increases of energy and food products and asks the Government to intervene for hotels, restaurants and shops.
“There are not only theelectricity and gas to weigh on the accounts of hoteliers, restaurateurs and public businesses – he explains in fact USOT -, as if that were not enough, we are witnessing a hyperbolic increase in the price of food which, in some cases, have tripled. From here the need to raise prices with attention not to exaggerate and not to depress demand which is showing signs of bending. The social increases must take into account the economic and general situation. Household spending power is in decline and price increases cannot be excessive in order not to run the risk of going out of business.
In this context – adds the trade association – the government cannot stand still. Finding must be a priority solutions that intervene in support of operators given the inevitable increase in the cost of energy supply. The super bills of electricity and gas file all the margins of the Hotels, Restaurants and Bars and absurdly in some cases it makes it economically more convenient to remain closed. This choice, dramatic for both companies and employees, has already been decided by the Friulian and Salento hoteliers while others are thinking of taking this route. Certainly we cannot ask companies to work in political organizations developed at the table with employers’ associations for the choice and very urgent interventions.
We have several times, in recent months, required to the Government and the Government Majority meetings to promptly address the serious problems mentioned above but we have never had any response whatsoever to our requests. We are aware that, as has already happened for the COVID-19 pandemic, the resources available are limited (despite the use of public debt that is all finished in current spending and nothing in development) but it is not allowed in this very serious economic situation to propose interventions euphemistically marginal such as those contained in the cd Refreshments Decree of 2021 (Delegated Decree No. 60 of 2021). The tax credit tool can be a point of comparison from which to start. It does not provide liquidity to companies but to be effective it must also be used, for example, for the payment of employee contributions. In Italy it was widely used in the Covid period and could even be sold to third parties to have liquidity in exchange and, again the instrument of setting credit, is the main novelty of the Italian “Transition Plan 4.0” which provides, among other things, the tax credit for investments in capital goods, the tax credit for research, development, innovation and design and the training tax credit.
The inflation phenomenon weighs heavily on company accounts and in the pockets of workers, but the response to the high 2 is consistent withhanding out new sums of money cannot and must not be the only answer. The business world knows that an increase in wages is inevitable but must be linked to productivity growth and it is necessary for the Government to intervene by de-taxing, even for a limited period of time, the increases in paychecks that could occur with the renewal of the Collective Agreement. .
Serve a tax wedge cut so that they do not have to take away as few resources as they can, so that they should be able to innovate training and workers rather than companies and more money in their pockets and purchasing power. We cannot think of keeping wages steady in the face of a growing need but we must avoid ending up in “stagflation” (general increase in prices) and lack of economic growth in real terms (economic stagnation) and it is crucial to understand how much these increases both structural and how much instead of the result of speculation.
Although it is not a rise in, but due to a demand crisis arising from supply shocks, the European Central Bank is progressively increasing interest rates. This increase inevitably affects the interest rate on bank deposits with Eurosystem central banks which went from 0% to 0.75%, a level far from the values we have become accustomed to in recent years (from June 2014 to last July the ECB deposit rate was negative). This is an important rate because it currently affects the rates at which consumers and businesses can borrow from banks. Increases in interest rates have negative effects on consumer spending and business investment. The new rate hikes, therefore, would tend to slow down an already fragile economic growth. More serious situation in San Marino where already before banking and financial institutions applied excessively higher interest rates to mortgages and loans than in neighboring Italy, making it too burdensome if not unsustainable for a company to resort to credit. The Government cannot fail to intervene in support of companies, extending the deadline of the intervention on the suspension of the payment of the principal amount relating to mortgage or unsecured loans or other types of bank loans scheduled for March 30, 2023 and indeed, providing for a further intervention that can lighten the now unsustainable burden of funding. The Banking and Financial Institutions rescued repeatedly in the last 10 years by the Royal Economy must feel morally obliged to hold a hand to companies and to return what they have received, aware of the fact that even if they were to help a lot it would still be much less. of what they have received and continue to receive.
We want to raise awareness, even if it should not be necessary – concludes USOT -, the Government, the Government Majority and all politics to urgently address this difficult situation which, with the approach of the cold season, can only worsen. We renew once again the request for a meeting with the State Congress so that we can immediately come to a table and discuss those support measures that cannot be done without ”.