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03/12/2008
'Reduce Living Standards' As Tax Shortfall Worsens
The Minister for Finance has said "we are living beyond our means", and has called for the Irish people to lower expectations of their standard of living.
Brian Lenihan appeared on RTÉ's Morning Ireland programme after it was revealed that the tax shortfall for this year would come close to €8bn, a huge increase on the earlier predictions in the Budget.
Mr Lenihan said that a reduction in our living standards is required, adding that many people had not yet grasped the seriousness of the State’s economic position and this had been evident in the reaction to measures contained in the Budget.
The minister also shot down speculation over a mini-Budget in the spring saying there are few opportunities for tax increases next year.
"If we are to increase taxation it means that we have to increase income tax and that is a tax on work, and we want to keep people at work as much as we can. . . . I am saying there isn’t great scope for tax increases next year beyond what has already been done already in the Budget," he said.
Mr Lenihan added there would be further cuts in Government spending once a full picture of tax intake is available at the end of the year.
(DW)
Brian Lenihan appeared on RTÉ's Morning Ireland programme after it was revealed that the tax shortfall for this year would come close to €8bn, a huge increase on the earlier predictions in the Budget.
Mr Lenihan said that a reduction in our living standards is required, adding that many people had not yet grasped the seriousness of the State’s economic position and this had been evident in the reaction to measures contained in the Budget.
The minister also shot down speculation over a mini-Budget in the spring saying there are few opportunities for tax increases next year.
"If we are to increase taxation it means that we have to increase income tax and that is a tax on work, and we want to keep people at work as much as we can. . . . I am saying there isn’t great scope for tax increases next year beyond what has already been done already in the Budget," he said.
Mr Lenihan added there would be further cuts in Government spending once a full picture of tax intake is available at the end of the year.
(DW)
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