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26/10/2010
Irish Budget Cuts 'No Greater Than €5bn'
The Dáil Government's upcoming budget is to cut no deeper than €5 billion, it has emerged.
Speculation was mounting that the upcoming budget would see cuts of anywhere between €4.5 billion and €7 billion, with those on welfare expected to be facing "painfull" cuts to their payments.
However, following a Cabinet last night held in Farmleigh House in Dublin's Phoenix Park, it has emerged that the cuts will be limited to around the lower end of the threshold, in order to avoid stunting economic growth.
Yesterday's meeting was the first of two pre-Budget sessions where Ministers are hammering out a four-year plan to reduce the country's Budget deficit to 3% by 2014. The current deficit is around 14%.
However, although the final figure may ease some of the pressure falling on the Irish people, the Government will still be planning to make €10-€12 billion in cutbacks over the next four years in order to meet the EU target before the deadline.
The Cabinet is meeting again today at Government Buildings for another day-long session to discuss the Budget and the four-year economic plan.
In addition to increased taxes, it's widely believed there will be spending cuts in health, and further reductions in social welfare and even the usually ring fenced sector of education.
Speaking on his way into the meeting, Minister for Communications, Energy and Natural Resources Eamon Ryan said there is no denying the difficult choices that have to be made.
(DW/BMcC)
Speculation was mounting that the upcoming budget would see cuts of anywhere between €4.5 billion and €7 billion, with those on welfare expected to be facing "painfull" cuts to their payments.
However, following a Cabinet last night held in Farmleigh House in Dublin's Phoenix Park, it has emerged that the cuts will be limited to around the lower end of the threshold, in order to avoid stunting economic growth.
Yesterday's meeting was the first of two pre-Budget sessions where Ministers are hammering out a four-year plan to reduce the country's Budget deficit to 3% by 2014. The current deficit is around 14%.
However, although the final figure may ease some of the pressure falling on the Irish people, the Government will still be planning to make €10-€12 billion in cutbacks over the next four years in order to meet the EU target before the deadline.
The Cabinet is meeting again today at Government Buildings for another day-long session to discuss the Budget and the four-year economic plan.
In addition to increased taxes, it's widely believed there will be spending cuts in health, and further reductions in social welfare and even the usually ring fenced sector of education.
Speaking on his way into the meeting, Minister for Communications, Energy and Natural Resources Eamon Ryan said there is no denying the difficult choices that have to be made.
(DW/BMcC)
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