Central Bank Urge Govt To Not Risk 'Hard Won' Gains

The government have been urged to not cut back on fiscal consolidation in the upcoming Budget.

The Central Bank made the call in its Quarterly Bulletin, saying that several years of hard won gains should not be put at risk for relatively small easing of the fiscal adjustment.

The bank also used the Bulletin to downgrad the years growth forecast, now predicting 0.5% growth in the GDP for 2013.

The new prediction is down just 0.1% from the figure the bank gave in July, but is below the Budget growth estimate of 1.4%.

The trend for slow recovery continues, according to the Bank.


Related Irish News Stories
Click here for the latest headlines.

24 April 2024
'Decision Week' For Executive To Agree 2024/25 Budget – UUP
The Ulster Unionist Party has said it is "decision week" for the Executive to agree a new 2024/25 Budget. Party leader and Upper Bann MLA, Doug Beattie, reiterated his warnings of the damage being inflicted to key services the longer the void in this year's Budget continues.
02 February 2012
Mini Budget More Likely - SF
Sinn Fein have said the downward growth forecast by Ireland's Central Bank means a mini-budget is more likely. Speaking in response to today’s Central Bank growth forecast downgrade Sinn Féin's Pearse Doherty said that the downgrade demonstrated that "once again that austerity not working".
11 July 2013
Union Urges Govt To Increase Minimum Wage
Both the national minimum wage and social welfare payments should increase in the autumn budget, the Unite trade union has said. The union is calling on the government to make the increase in an effort to encourage spending.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
18 November 2010
Central Bank Governor Expects 'Substantial Loan'
The governor of Ireland's Central Bank has announced he expects the State to accept a 'substantial loan' from the EU. Patrick Honohan said this morning that a sum up to "tens of billions" would be expected in order for Ireland to secure its banks.