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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:Dry, bright start this morning with best of sunshine in the west. Thickening cloud over Down and Antrim this morning with a few showers, extending westwards this afternoon. Lighter winds. Maximum temperature 16 °C.Tonight:Rather cloudy and mainly dry at first, then showery outbreaks of rain extending westwards to most places during the night, turning heavier towards morning. Light winds. Minimum temperature 8 °C.
