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08/04/2009
Lenihan's Six Strenuous Steps To Recovery
The emergency budget - dubbed the budget from hell - has been announced, with the Finance minister outlining six steps to recovery.
In an effort to get on top of the huge multi billion euro deficit the Government is facing, Brian Lenihan said in order for Ireland to recover "we must stabilise our public finances, restore the damaged banking system, regain international competitiveness, protect jobs and create growth, stimulate economic confidence and restore the financial reputation abroad and the damage done by the 'no' vote in the Lisbon Treaty".
To this end, Mr Lenihan's budget has been a tax heavy move to recapitalise the Government's finances, with the income levy being doubled.
Those earning more than €15,028 will be hit by a 2% levy, those earning over €75,036 will pay 4% and workers on €174,980 or more will pay 6%.
The other major changes are in welfare payments, in order to stem the Government's outgoings.
The jobseekers' allowance has been halved for under-20s and rent supplement will be reduced.
Child allowance will be means-tested from next year, and in a move expected to spark fierce criticism, the traditional Christmas bonus will not be paid.
The opposition party Fine Gael have already claimed "Christmas is cancelled" over the policy.
Family affairs spokesman Olwyn Enright said: "The axed Christmas bonus for welfare recipients is a measure of Scrooge-like proportions which will hit the most needy in society."
The early childcare supplement will also be halved from May 1, and will be abolished at the beginning next year, to be replaced by a different scheme.
TDs would also have to face cuts with a range of measures announced for Minister's pay. There will be a 10% reduction in their expenses, except for mileage rates and long service payments, while ministerial pensions and teacher's pensions for serving TDs have been abolished.
The salary of Oireachtas Committee chairs will also be halved, and a review of TDs' salaries will be completed by July, using a benchmarking system compared to their European colleagues.
Other measures included a price of 20 cigarettes by 25c while the price of diesel increased by five cents per litre.
The Budget is due to be discussed throughout the day in the Daíl, and reaction to the budget is expected to filter in throughout the day.
(DW/BMcC)
In an effort to get on top of the huge multi billion euro deficit the Government is facing, Brian Lenihan said in order for Ireland to recover "we must stabilise our public finances, restore the damaged banking system, regain international competitiveness, protect jobs and create growth, stimulate economic confidence and restore the financial reputation abroad and the damage done by the 'no' vote in the Lisbon Treaty".
To this end, Mr Lenihan's budget has been a tax heavy move to recapitalise the Government's finances, with the income levy being doubled.
Those earning more than €15,028 will be hit by a 2% levy, those earning over €75,036 will pay 4% and workers on €174,980 or more will pay 6%.
The other major changes are in welfare payments, in order to stem the Government's outgoings.
The jobseekers' allowance has been halved for under-20s and rent supplement will be reduced.
Child allowance will be means-tested from next year, and in a move expected to spark fierce criticism, the traditional Christmas bonus will not be paid.
The opposition party Fine Gael have already claimed "Christmas is cancelled" over the policy.
Family affairs spokesman Olwyn Enright said: "The axed Christmas bonus for welfare recipients is a measure of Scrooge-like proportions which will hit the most needy in society."
The early childcare supplement will also be halved from May 1, and will be abolished at the beginning next year, to be replaced by a different scheme.
TDs would also have to face cuts with a range of measures announced for Minister's pay. There will be a 10% reduction in their expenses, except for mileage rates and long service payments, while ministerial pensions and teacher's pensions for serving TDs have been abolished.
The salary of Oireachtas Committee chairs will also be halved, and a review of TDs' salaries will be completed by July, using a benchmarking system compared to their European colleagues.
Other measures included a price of 20 cigarettes by 25c while the price of diesel increased by five cents per litre.
The Budget is due to be discussed throughout the day in the Daíl, and reaction to the budget is expected to filter in throughout the day.
(DW/BMcC)
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