Menu
04/10/2010
Irish May Roll Out €4bn Of Cuts
The Dublin Government's next austerity budget could see over €4billion in cuts this December.
The Irish Republic's 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 Irish Republic's 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 News Stories
Click here for the latest headlines.
04 July 2023
Potholes Must Be Repaired To A Satisfactory Standard - Alliance
Belfast City Council is to write to the Department for Infrastructure (DfI) after complaints from residents in relation to pothole repairs. Alliance Lisnasharragh Councillor Michael Long has questioned the standard of repairs to potholes following multiple attempts being made to the same pothole.
Potholes Must Be Repaired To A Satisfactory Standard - Alliance
Belfast City Council is to write to the Department for Infrastructure (DfI) after complaints from residents in relation to pothole repairs. Alliance Lisnasharragh Councillor Michael Long has questioned the standard of repairs to potholes following multiple attempts being made to the same pothole.
05 June 2023
Sinn Fein Hits Out Over Proposed Budget Cuts For Special Educational Needs
Sinn Féin has hot out over the proposed budget cuts for Special Educational Needs support. MLA Pat Sheehan said it is "deeply concerning" that funding for schools in NI is to be slashed in half. He said: "Children with special educational needs require the highest level of support in our schools to ensure they have the best start in life.
Sinn Fein Hits Out Over Proposed Budget Cuts For Special Educational Needs
Sinn Féin has hot out over the proposed budget cuts for Special Educational Needs support. MLA Pat Sheehan said it is "deeply concerning" that funding for schools in NI is to be slashed in half. He said: "Children with special educational needs require the highest level of support in our schools to ensure they have the best start in life.
25 November 2024
SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
SDLP Seeks Views On Proposed Regional Jobs, Skills and Investment Bill
The SDLP has announced the launch of a public consultation of their proposed Regional Jobs, Skills and Investment Bill, describing it as an opportunity to rebalance the economy across the North. The consultation opened online today and will close on Sunday 16th February.
28 October 2014
Govt Departments Face £850m In Cuts
More than £850m in cuts have been proposed to government departments in Northern Ireland, it has been reported. According to the BBC, Finance Minister Simon Hamilton mentioned the proposed cuts in a recent plan that was circulated to his colleagues.
Govt Departments Face £850m In Cuts
More than £850m in cuts have been proposed to government departments in Northern Ireland, it has been reported. According to the BBC, Finance Minister Simon Hamilton mentioned the proposed cuts in a recent plan that was circulated to his colleagues.
08 December 2010
Stormont Budget Deal Stalled
Sinn Fein and DUP politicians are still at loggerheads over an agreed Assembly budget.
Stormont Budget Deal Stalled
Sinn Fein and DUP politicians are still at loggerheads over an agreed Assembly budget.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
