Business Irish

Wednesday 17 September 2014

Budget 2014: Brussels authorities scrutinising plans

Irish government plans for Budget 2014 being assessed in Brussels

Ailish O'Hora

Published 07/10/2013 | 12:16

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Finance Minister Michael Noonan
Finance Minister Michael Noonan

AUTHORITIES in Brussels are today scrutinising Government plans for Budget 2014.

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The budget is due to be unveiled in the Dail on October 15 with an adjustment of less than the original figure of €3.1bn.

"The upcoming Budget is a key part of this and officials from the Department of Finance and the Department of Public Expenditure and Reform are in Brussels today outlining the framework of the Budget and how it will support programme exit," a spokesperson said today.

"Ultimately, the Government will decide upon the individual Budget measures and these will be announced on October 15.

Officials discussing the Irish budget include those of economics commissioner Olli Rehn.

Last week, executives at the International Monetary Fund rowed in behind the Government plans for a budget adjustment of less than €3.1bn but added that the total between 2014 and next year will have to be €5.1bn.

This means that if economic growth doesn't meet expectations the adjustment next year could be higher than the €2bn currently signalled for Budget 2015 or lower if growth is stronger.

Either way, the Government must reach the troika target of our budget deficit being below 3pc of GDP in 2015.

Finance Minister Michael Noonan will deliver the budget next week.

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