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20/11/2007
No Tax Break In Budget?
The author of next month's long-awaited 2008 Budget won't give much away - literally.
Although the details are still under wraps, Minister for Finance Brian Cowen has all but ruled out tax cuts due to 'the current economic climate'.
In a speech earlier this week, Mr Cowen signalled that he will announce around €2.5bn in new spending, but, while Mr Cowen had promised a further cut in the top rate of income tax this December, he effectively said this would not now happen due to the economic situation.
Capital expenditure will increase by around 12.5% to maintain infrastructural investment, but day-to-day spending will rise by just 8%.
This is well below the 12% increase that was expected to be in the budget before the economic slowdown took hold in the second half of this year.
(BMcC)
Although the details are still under wraps, Minister for Finance Brian Cowen has all but ruled out tax cuts due to 'the current economic climate'.
In a speech earlier this week, Mr Cowen signalled that he will announce around €2.5bn in new spending, but, while Mr Cowen had promised a further cut in the top rate of income tax this December, he effectively said this would not now happen due to the economic situation.
Capital expenditure will increase by around 12.5% to maintain infrastructural investment, but day-to-day spending will rise by just 8%.
This is well below the 12% increase that was expected to be in the budget before the economic slowdown took hold in the second half of this year.
(BMcC)
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Ireland WeatherToday:Showers today, occasional north and west of Lough Neagh, but only a few isolated light outbreaks expected for Belfast and county Down where the best of the winter sunshine is expected. West to northwest winds brisk around the coasts. Maximum temperature 10 °C.Tonight:Showers focused across northern areas of the Province, with most in the south staying dry, with a frost developing for many here. Northwest winds fresh around the coasts. Minimum temperature 0 °C.
