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04/10/2010
Government May Roll Out €4 billion Of Cuts
The Government's next austerity budget could see over €4billion in cuts this December.
The Finance Minister Brian Lenihan has refused to rule out the massive cuts which will be made to reduce the current deficit by the 2014 deadline from the EU.
Although recent economic activity measures have been encouraging, such as a record increase in exports, the impact of deflation has been higher than expected.
The Department of Finance said the budget's scale would depend on the latest economic figures and its projections as to what percentage of national income the deficit would reach.
They refused to draw a line on the upper limit of the cuts and would not specifically rule out the possibility of cuts of more than €4 billion, or even of €4.5 billion, in the budget.
Jack O'Connor, Congressional President of worker's union SIPTU, said the Government's declaration of their intention to intensify the austerity programme beyond the €3bn they earlier announced for budget 2011 was simply to "appease the perceived sentiment of the financial markets".
"Seemingly we must prove our determination to repay the debts incurred through the profligacy of those at the top of our society by crucifying those at the bottom. There might be some rationale in it if it did what it says on the tin, but it clearly does not.
"Current debt servicing as a percentage of tax revenue is less than half it was in the 1980s and only one-third as a percentage of GNP or GDP. Today we care calling for an end to the economics of failure."
Mr Lenihan said in early September that overall savings in Government expenditure in 2011 would be more than the €3 billion projected in the Stability Programme update last December.
But exchequer figures for the end of September, which are due to be released today, are expected to show the budget deficit is worse than previously forecast, underlining the need for deeper cuts.
(DW/GK)
The Finance Minister Brian Lenihan has refused to rule out the massive cuts which will be made to reduce the current deficit by the 2014 deadline from the EU.
Although recent economic activity measures have been encouraging, such as a record increase in exports, the impact of deflation has been higher than expected.
The Department of Finance said the budget's scale would depend on the latest economic figures and its projections as to what percentage of national income the deficit would reach.
They refused to draw a line on the upper limit of the cuts and would not specifically rule out the possibility of cuts of more than €4 billion, or even of €4.5 billion, in the budget.
Jack O'Connor, Congressional President of worker's union SIPTU, said the Government's declaration of their intention to intensify the austerity programme beyond the €3bn they earlier announced for budget 2011 was simply to "appease the perceived sentiment of the financial markets".
"Seemingly we must prove our determination to repay the debts incurred through the profligacy of those at the top of our society by crucifying those at the bottom. There might be some rationale in it if it did what it says on the tin, but it clearly does not.
"Current debt servicing as a percentage of tax revenue is less than half it was in the 1980s and only one-third as a percentage of GNP or GDP. Today we care calling for an end to the economics of failure."
Mr Lenihan said in early September that overall savings in Government expenditure in 2011 would be more than the €3 billion projected in the Stability Programme update last December.
But exchequer figures for the end of September, which are due to be released today, are expected to show the budget deficit is worse than previously forecast, underlining the need for deeper cuts.
(DW/GK)
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Mr Cowen has claimed that a failure to make the proposed cuts in December's budget could put the Irish State's funding "at risk". The Taoiseach's comments were made in response to suggestions by Labour Leader Eamon Gilmore that the suggested cuts of €6 billion in the upcoming budget would "work against job creation and hamper growth".
23 October 2009
Public Sector Pay Risen By 3.2%
Figures from the CSO have unexpectedly revealed that gross average weekly earnings in the public sector have risen by 3.2% for the year ended in June. However, the figures released today are for gross earnings, which do not account for the impact of the pension levy or income levy.
Public Sector Pay Risen By 3.2%
Figures from the CSO have unexpectedly revealed that gross average weekly earnings in the public sector have risen by 3.2% for the year ended in June. However, the figures released today are for gross earnings, which do not account for the impact of the pension levy or income levy.
05 December 2011
Kenny Warns Of Deep Cuts In Budget
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Kenny Warns Of Deep Cuts In Budget
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20 October 2010
Cuts Loom As €11bn Set For Chop
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Cuts Loom As €11bn Set For Chop
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14 September 2010
€3 Billion Cuts 'Minimum'
December's budget could be even more austere than expected after the Finance Minister signalled the coming cuts would be higher than €3 billion. Speaking as he arrived at Fianna Fáil's two-day parliamentary party meeting in Galway, Brian Lenihan said the mooted €3billion in cuts was a "minimum" figure, and that heavier cuts were to come.
€3 Billion Cuts 'Minimum'
December's budget could be even more austere than expected after the Finance Minister signalled the coming cuts would be higher than €3 billion. Speaking as he arrived at Fianna Fáil's two-day parliamentary party meeting in Galway, Brian Lenihan said the mooted €3billion in cuts was a "minimum" figure, and that heavier cuts were to come.
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Ireland WeatherToday:Cloudy with longer spells of rain during the morning, this rain heavy at times. Generally brighter in the afternoon, but with scattered and at times heavy showers. Maximum temperature 14 °C.Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
