Business The Budget

Thursday 18 September 2014

Kenny warns of 'difficult' Budget because of €1bn monthly borrowing bill

Michael Brennan, Deputy Political Editor

Published 09/10/2013 | 14:18

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TAOISEACH Enda Kenny has warned that next week's Budget will be "difficult" because the country cannot afford to keep borrowing €1bn a month to fund services.

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However, he said that the Government's remaining two Budgets in 2015 and 2016  would be "approaching normality" in terms of budgetary strategy.

Mr Kenny said next week's Budget -which will have an adjustment target of €2.5bn - woud send a message that the country would retrieve its own independence.

"We're still borrowing €1bn a month to pay for services and that can't continue. That's why the Budget on Tuesday is a difficult Budget," he said.

Mr Kenny said that the Government would have a capital building fund of €13.5bn up until 2015 - and said he wanted to see unemployed people get work from it.

He was speaking to group of 160 business people attending the first annual conference of the Irish Management Institute in Dublin for five years.

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