Italy's new Prime Minister Matteo Renzi has proposed sweeping tax cuts, in a bid to revive the country's economy. In his first full news conference, he insisted that the tax cuts will not breach European Union budget deficit limits.Mr Renzi said income tax would be reduced by a total of 10 billion euros annually for 10 million low and middle income workers from 1st May. The Prime Minister said, his agenda was the most ambitious Italy had ever seen.