Menu
05/06/2008
Government Sabotaged Economy: Fine Gael
A Fianna Gael TD has claimed the Government have "sabotaged" the economy's capacity to withstand tougher economic times through reckless financial management.
On Tuesday, it was revealed the government was already facing a €3.6 billion deficit in tax revenues, on top of the already planned €5 billion shortfall, according to Fine Gael's Deputy Leader and Spokesman on Finance, Richard Bruton TD.
He said: "This Government have sabotaged Ireland's capacity to handle tougher economic times through reckless financial management over several years.
'It is bad management, not bad luck that has led to this nosedive in the public finances. This €10 billion reversal in our public finances - we had a €2 billion surplus in 2006 - is unprecedented."
The tax returns also show an ballooning in government spending to €22.2bn over the first five months, compared with the €19.4bn spent at the same stage last year.
The figures indicate a steep road ahead for Finance Minister Brian Lenihan, as the shortfall in tax revenues and deteriorating budget is crippled by the worsening construction sector and rise in unemployment.
Mr Bruton said: "The Government could look again at some of the proposals Fine Gael have advanced recently: they include proposals to cut the number of Quangos to save millions each year for the taxpayer and cut the lower rate of VAT to help the cost of living through a windfall levy on power generators' unearned profits from free carbon credits."
(DW)
On Tuesday, it was revealed the government was already facing a €3.6 billion deficit in tax revenues, on top of the already planned €5 billion shortfall, according to Fine Gael's Deputy Leader and Spokesman on Finance, Richard Bruton TD.
He said: "This Government have sabotaged Ireland's capacity to handle tougher economic times through reckless financial management over several years.
'It is bad management, not bad luck that has led to this nosedive in the public finances. This €10 billion reversal in our public finances - we had a €2 billion surplus in 2006 - is unprecedented."
The tax returns also show an ballooning in government spending to €22.2bn over the first five months, compared with the €19.4bn spent at the same stage last year.
The figures indicate a steep road ahead for Finance Minister Brian Lenihan, as the shortfall in tax revenues and deteriorating budget is crippled by the worsening construction sector and rise in unemployment.
Mr Bruton said: "The Government could look again at some of the proposals Fine Gael have advanced recently: they include proposals to cut the number of Quangos to save millions each year for the taxpayer and cut the lower rate of VAT to help the cost of living through a windfall levy on power generators' unearned profits from free carbon credits."
(DW)
Related Irish News Stories
Click here for the latest headlines.
12 March 2024
Economy Minister To Promote NI In New York And Washington
Economy Minister, Conor Murphy, will highlight the benefits of Northern Ireland's business and economic opportunities during an official visit to New York and Washington DC.
Economy Minister To Promote NI In New York And Washington
Economy Minister, Conor Murphy, will highlight the benefits of Northern Ireland's business and economic opportunities during an official visit to New York and Washington DC.
16 February 2009
Opposition Wants Regulator Out Of Anglo Scandal
The Fine Gael leader has urged the government to remove the Financial Regulator from the Anglo investigation. TD Enda Kenny instead is calling for the Director of Corporate Enforcement to be given the lead role in investigating the scandal.
Opposition Wants Regulator Out Of Anglo Scandal
The Fine Gael leader has urged the government to remove the Financial Regulator from the Anglo investigation. TD Enda Kenny instead is calling for the Director of Corporate Enforcement to be given the lead role in investigating the scandal.
16 December 2013
Taoiseach Addresses Nation As Bail-Out Programme Ends
Taoiseach Enda Kenny has said that the country is "moving in the right direction" as the three-year bailout programme has now ended. In a national address published on the final day of the bail-out programme, the taoiseach said that people's sacrifices "are making a real difference," and that the Irish economy "is starting to recover".
Taoiseach Addresses Nation As Bail-Out Programme Ends
Taoiseach Enda Kenny has said that the country is "moving in the right direction" as the three-year bailout programme has now ended. In a national address published on the final day of the bail-out programme, the taoiseach said that people's sacrifices "are making a real difference," and that the Irish economy "is starting to recover".
14 October 2013
Ireland To Exit Bailout In December - Taoiseach
Taoiseach Enda Kenny has said Ireland is on track on leave its international bailout programme in December. Speaking at the Fine Gael party conference in Limerick, Mr Kenny said the "economic emergency will be over" for the country, there are still challenging and "fragile times" ahead.
Ireland To Exit Bailout In December - Taoiseach
Taoiseach Enda Kenny has said Ireland is on track on leave its international bailout programme in December. Speaking at the Fine Gael party conference in Limerick, Mr Kenny said the "economic emergency will be over" for the country, there are still challenging and "fragile times" ahead.
01 October 2008
Ireland's Financial Practices Face Total Overhaul
Government decisions in the last few days are to profoundly reshape the way Ireland will operate financially. Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
Ireland's Financial Practices Face Total Overhaul
Government decisions in the last few days are to profoundly reshape the way Ireland will operate financially. Emergency legislation, announced on Tuesday by the Government, will mean the State can take a stake in any financial institution that receives financial support from the Exchequer.
-
Ireland WeatherThis Evening and Tonight:Dry in the southeast at first otherwise widespread light rain or drizzle for most. It will turn mostly dry towards dawn, although a few patches of light rain or drizzle continuing, mainly in the southwest. Minimum temperature 5 °C.
