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30/09/2010
Budget Cuts Will Be 'Significantly' Higher
Finance Minister Brian Lenihan has said that in light of today's revelations over Anglo's €29billion drain to the economy, December's budget cuts will be "upped, and significantly".
December's budget was already believed to be gearing up for €3 billion in cuts across Government spending, but that figure is set to rise yet further as the Government struggles to bring down the spending and borrowing deficit.
In a statement released today detailing the Government's position on the banking crisis, Mr Lenihan said the economy was still on course to meet the 2014 deadline to reduce the budget deficit to 3%.
"Work is underway on a revised four year plan that will set out the annual measures required to restore order to the public finances and bring our deficit below 3% of GDP by 2014. The four year budgetary plan will be published in early November taking account of the latest economic and fiscal data," the statement said.
However, critics have called for the European installed deadline to be extended, arguing that the measures required to meet the deadline would be too brutal and trigger a futher economic slump.
The Taoiseach this morning has said people were "rightly angry" over the final estimated cost of the Anglo Irish Bank bailout but added the situation had to be dealt with.
"Were we not to deal with it, and [there are] some suggestions in the political and other quarters that you just let this go, there are huge costs, bigger costs for our country.”
In his statement today the Finance Minister said the State now had to downsize Anglo Irish Bank and Irish Nationwide to stop them becoming a systemic threat to the State itself.
(DW)
December's budget was already believed to be gearing up for €3 billion in cuts across Government spending, but that figure is set to rise yet further as the Government struggles to bring down the spending and borrowing deficit.
In a statement released today detailing the Government's position on the banking crisis, Mr Lenihan said the economy was still on course to meet the 2014 deadline to reduce the budget deficit to 3%.
"Work is underway on a revised four year plan that will set out the annual measures required to restore order to the public finances and bring our deficit below 3% of GDP by 2014. The four year budgetary plan will be published in early November taking account of the latest economic and fiscal data," the statement said.
However, critics have called for the European installed deadline to be extended, arguing that the measures required to meet the deadline would be too brutal and trigger a futher economic slump.
The Taoiseach this morning has said people were "rightly angry" over the final estimated cost of the Anglo Irish Bank bailout but added the situation had to be dealt with.
"Were we not to deal with it, and [there are] some suggestions in the political and other quarters that you just let this go, there are huge costs, bigger costs for our country.”
In his statement today the Finance Minister said the State now had to downsize Anglo Irish Bank and Irish Nationwide to stop them becoming a systemic threat to the State itself.
(DW)
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This year's Budget looks set to be even more critical to the economy than in any previous years. Already brought forward from the original date due to the massive deterioration in the public finances this year, it is to be unveiled in less than two weeks time.
Cowen's Budget Pledge
This year's Budget looks set to be even more critical to the economy than in any previous years. Already brought forward from the original date due to the massive deterioration in the public finances this year, it is to be unveiled in less than two weeks time.
23 September 2008
Fine Gael Lock Gov In Dáil For Debate On Economy
Fine Gael have said they will use the 'Pairs' system to deny the Government absence from the Dáil during a debate on the economy. In a statement from the party on Tuesday, the opposition party want to forward a motion in the Dáil indicting the Government "for its reckless economic policies over the last five years".
Fine Gael Lock Gov In Dáil For Debate On Economy
Fine Gael have said they will use the 'Pairs' system to deny the Government absence from the Dáil during a debate on the economy. In a statement from the party on Tuesday, the opposition party want to forward a motion in the Dáil indicting the Government "for its reckless economic policies over the last five years".
09 September 2011
EU To Issue Bailout Report
Ireland’s performance against targets set out in the IMF/EU bailout deal will be revealed in a report to be published this morning. The document prepared by the European Commission is expected to show that the country is on track to reduce the deficit as planned.
EU To Issue Bailout Report
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22 November 2010
North's Secretary Offers Irish Bail-out
At the same time as pressing the Stormont Executive to quickly agree their own local budget, the North's Secretary of State, Owen Paterson has just reiterated the UK Government's willingness to assist the Irish Government if asked.
North's Secretary Offers Irish Bail-out
At the same time as pressing the Stormont Executive to quickly agree their own local budget, the North's Secretary of State, Owen Paterson has just reiterated the UK Government's willingness to assist the Irish Government if asked.
08 October 2008
Government Warned Against Cuts In Services
The Irish Government has been warned against making cuts in services in the forthcoming Budget. The Carers' Association has told the Government that cuts in the income support for family carers would be a "false economy", resulting in larger costs outweighing any immediate savings.
Government Warned Against Cuts In Services
The Irish Government has been warned against making cuts in services in the forthcoming Budget. The Carers' Association has told the Government that cuts in the income support for family carers would be a "false economy", resulting in larger costs outweighing any immediate savings.
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Ireland WeatherToday:A cloudy day with some patchy rain, this turning heavier for a time across the north and west. Fresh to strong westerly winds, easing later. Mild. Maximum temperature 12 °C.Tonight:Any rain clearing north with a dry evening, further rain will move south in the early hours, turning showery later in the night, remaining mild. Minimum temperature 8 °C.
