Menu
05/10/2010
Dublin May Roll Out €4bn In Cuts
The Irish Government's next austerity budget could see as much as €4bn in cuts taking place this December.
The Finance Minister Brian Lenihan has refused to rule out the massive cuts which will be made to reduce the current deficit by the 2014 deadline from the EU.
Although recent economic activity measures have been encouraging, such as a record increase in exports, the impact of deflation has been higher than expected.
The Department of Finance said the budget's scale would depend on the latest economic figures and its projections as to what percentage of national income the deficit would reach.
They refused to draw a line on the upper limit of the cuts and would not specifically rule out the possibility of cuts of more than €4 billion, or even of €4.5 billion, in the budget.
Jack O'Connor, Congressional President of worker's union SIPTU, said the Government's declaration of their intention to intensify the austerity programme beyond the €3bn they earlier announced for budget 2011 was simply to "appease the perceived sentiment of the financial markets".
"Seemingly we must prove our determination to repay the debts incurred through the profligacy of those at the top of our society by crucifying those at the bottom. There might be some rationale in it if it did what it says on the tin, but it clearly does not.
"Current debt servicing as a percentage of tax revenue is less than half it was in the 1980s and only one-third as a percentage of GNP or GDP. Today we care calling for an end to the economics of failure."
Mr Lenihan said in early September that overall savings in Government expenditure in 2011 would be more than the €3 billion projected in the Stability Programme update last December.
But exchequer figures for the end of September, which are due to be released today, are expected to show the budget deficit is worse than previously forecast, underlining the need for deeper cuts.
(DW/GK)
The Finance Minister Brian Lenihan has refused to rule out the massive cuts which will be made to reduce the current deficit by the 2014 deadline from the EU.
Although recent economic activity measures have been encouraging, such as a record increase in exports, the impact of deflation has been higher than expected.
The Department of Finance said the budget's scale would depend on the latest economic figures and its projections as to what percentage of national income the deficit would reach.
They refused to draw a line on the upper limit of the cuts and would not specifically rule out the possibility of cuts of more than €4 billion, or even of €4.5 billion, in the budget.
Jack O'Connor, Congressional President of worker's union SIPTU, said the Government's declaration of their intention to intensify the austerity programme beyond the €3bn they earlier announced for budget 2011 was simply to "appease the perceived sentiment of the financial markets".
"Seemingly we must prove our determination to repay the debts incurred through the profligacy of those at the top of our society by crucifying those at the bottom. There might be some rationale in it if it did what it says on the tin, but it clearly does not.
"Current debt servicing as a percentage of tax revenue is less than half it was in the 1980s and only one-third as a percentage of GNP or GDP. Today we care calling for an end to the economics of failure."
Mr Lenihan said in early September that overall savings in Government expenditure in 2011 would be more than the €3 billion projected in the Stability Programme update last December.
But exchequer figures for the end of September, which are due to be released today, are expected to show the budget deficit is worse than previously forecast, underlining the need for deeper cuts.
(DW/GK)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
05 November 2010
Cowen Unveils Plans For €6bn Cuts
Taoiseach Brian Cowen has unveiled plans for €6 billion worth of cuts ahead of the Budget announcement. Mr Cowen revealed the plans yesterday, which have since been described by the European Commission as "appropriate". However, the figure is double the amount indicated by Finance Minister Brian Lenihan in last year's Budget.
Cowen Unveils Plans For €6bn Cuts
Taoiseach Brian Cowen has unveiled plans for €6 billion worth of cuts ahead of the Budget announcement. Mr Cowen revealed the plans yesterday, which have since been described by the European Commission as "appropriate". However, the figure is double the amount indicated by Finance Minister Brian Lenihan in last year's Budget.
28 October 2016
UUP Respond To Bombardier Redundancies
The Ulster Unionist Economy spokesperson, Steve Aiken, and Andy Allen MLA for East Belfast, have made statements regarding the announcement that Bombardier plans to complete 1,080 redundancies previously planned for 2017 within months.
UUP Respond To Bombardier Redundancies
The Ulster Unionist Economy spokesperson, Steve Aiken, and Andy Allen MLA for East Belfast, have made statements regarding the announcement that Bombardier plans to complete 1,080 redundancies previously planned for 2017 within months.
02 May 2006
Jobcentre staff begin two-day strike
Around 90,000 staff working in Jobcentres, benefit offices and the Child Support Agency have begun a 48-hour strike in protest over job cuts. The strike follows the collapse of talks between union officials and the government over proposals to cut 30,000 jobs.
Jobcentre staff begin two-day strike
Around 90,000 staff working in Jobcentres, benefit offices and the Child Support Agency have begun a 48-hour strike in protest over job cuts. The strike follows the collapse of talks between union officials and the government over proposals to cut 30,000 jobs.
05 October 2011
Irish Economy Predicted To Grow 1%
A forecast from Central Bank has predicted that the Irish economy will grow at 1% this year. The State’s economic advisors have revised and increased their figures to levels first suggested at the start of the year following fears of double-dip recession earlier in the summer.
Irish Economy Predicted To Grow 1%
A forecast from Central Bank has predicted that the Irish economy will grow at 1% this year. The State’s economic advisors have revised and increased their figures to levels first suggested at the start of the year following fears of double-dip recession earlier in the summer.
07 September 2011
Kenny Suggests Radical Budget Cuts
The second day of Fine Gael 'think-ins' is ongoing with the Taoiseach saying that the government will not rule out tax cuts but also revealing EU’s outlook on Ireland is improving. Taoiseach Enda Kenny said that the government was committed to cutting the deficit to 8.6 % next year and that increasing savings of €3.
Kenny Suggests Radical Budget Cuts
The second day of Fine Gael 'think-ins' is ongoing with the Taoiseach saying that the government will not rule out tax cuts but also revealing EU’s outlook on Ireland is improving. Taoiseach Enda Kenny said that the government was committed to cutting the deficit to 8.6 % next year and that increasing savings of €3.
-
Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
