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03/04/2009
Ireland €3.7 Billion In The Red
The Finance Minister Brian Lenihan has revealed Ireland's economy is in serious difficulty lying €3.7billion in debt in the first three months of 2009.
Preparing for next Tuesday's emergency budget, Mr Lenihan said the deficit was due to a 23% collapse in revenue from income tax and VAT costing almost €2.6billion.
Mr Lenihan added: "Tax revenue is back to levels last seen in the earlier part of this decade. Next week’s Budget will take steps to improve the immediate prospects for the public finances as well as charting a multi-annual course of correction."
Fine Gael's Finance Spokesman Richard Bruton reacted to the figures saying the Government is travelling on a road that can only lead to ruin.
"The Government's Budget has once again fallen apart. Its plan to spend €65 billion is only supported by €34 billion in tax. The Government is travelling on a road that can only lead to ruin.
"No country can borrow 12.75% of a rapidly shrinking income and hope to survive.
"The country needs a coherent strategy to confront this crisis. It cannot be based on chasing the economy down with higher taxes and lower investment, which would only destroy more jobs.
"Each day 1,000 jobs are being lost, digging a further €20 million hole in the public finances," he said.
(DW/BMcC)
Preparing for next Tuesday's emergency budget, Mr Lenihan said the deficit was due to a 23% collapse in revenue from income tax and VAT costing almost €2.6billion.
Mr Lenihan added: "Tax revenue is back to levels last seen in the earlier part of this decade. Next week’s Budget will take steps to improve the immediate prospects for the public finances as well as charting a multi-annual course of correction."
Fine Gael's Finance Spokesman Richard Bruton reacted to the figures saying the Government is travelling on a road that can only lead to ruin.
"The Government's Budget has once again fallen apart. Its plan to spend €65 billion is only supported by €34 billion in tax. The Government is travelling on a road that can only lead to ruin.
"No country can borrow 12.75% of a rapidly shrinking income and hope to survive.
"The country needs a coherent strategy to confront this crisis. It cannot be based on chasing the economy down with higher taxes and lower investment, which would only destroy more jobs.
"Each day 1,000 jobs are being lost, digging a further €20 million hole in the public finances," he said.
(DW/BMcC)
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Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
