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03/04/2009
IBEC Calls For Cut In Welfare Payments
Despite the calamitous scenes at welfare offices around the country, the Irish Business and Employers Confederation (IBEC) have called for a cut in welfare payments.
The confederation have asked the Government to consider a 3% cut to welfare payments for inclusion in the budget next Tuesday.
The IBEC put forward the proposals during their summit called Surviving the Recession – Staying Afloat, which is being held in the four-star Clontarf Castle Hotel in Dublin today.
Opening the conference Minister Sean Haughey said: "Ireland has the ability to meet the current challenges. We have the strength to succeed in providing for the difficulties and ensuring that we are sufficiently prepared for the next steps."
The confederation is also calling for a short-term emergency support package for enterprise and for a hike in the income levy. IBEC said that increases to social welfare payments in last year's Budget were awarded on the basis of a forecasted inflation rate of 2.5%.
It said that the payments should now be cut, given that consumer prices are predicted to fall by 5% this year, and would save the economy €400 million.
Following the announcements, Ireland's three largest stockbroking firms today echoed the calls for cuts in social welfare payments.
Davy, NCB and Goodbody stockbrokers made the call today while outlining their proposals for next week’s emergency Budget.
They said the Budget should not ignore changes to the level of social welfare payments in light of recent falls in average consumer prices.
Overall, the three firms say the Government needs to produce spending cuts of around €2.5bn and tax increases worth around €1.5bn.
(DW/BMcC)
The confederation have asked the Government to consider a 3% cut to welfare payments for inclusion in the budget next Tuesday.
The IBEC put forward the proposals during their summit called Surviving the Recession – Staying Afloat, which is being held in the four-star Clontarf Castle Hotel in Dublin today.
Opening the conference Minister Sean Haughey said: "Ireland has the ability to meet the current challenges. We have the strength to succeed in providing for the difficulties and ensuring that we are sufficiently prepared for the next steps."
The confederation is also calling for a short-term emergency support package for enterprise and for a hike in the income levy. IBEC said that increases to social welfare payments in last year's Budget were awarded on the basis of a forecasted inflation rate of 2.5%.
It said that the payments should now be cut, given that consumer prices are predicted to fall by 5% this year, and would save the economy €400 million.
Following the announcements, Ireland's three largest stockbroking firms today echoed the calls for cuts in social welfare payments.
Davy, NCB and Goodbody stockbrokers made the call today while outlining their proposals for next week’s emergency Budget.
They said the Budget should not ignore changes to the level of social welfare payments in light of recent falls in average consumer prices.
Overall, the three firms say the Government needs to produce spending cuts of around €2.5bn and tax increases worth around €1.5bn.
(DW/BMcC)
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Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
