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Richard Curran: It won't get as bad as Donohoe's bleak '80s recession flashback

Richard Curran


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Finance Minister Paschal Donohoe said we are looking at a situation where there may be an unemployment rate of 15pc for a few years to come

Finance Minister Paschal Donohoe said we are looking at a situation where there may be an unemployment rate of 15pc for a few years to come

Finance Minister Paschal Donohoe said we are looking at a situation where there may be an unemployment rate of 15pc for a few years to come

Finance Minister Paschal Donohoe didn't hold back when he spoke to members of the three political parties examining the formation of a new coalition government.

The straight-talking Donohoe said we are looking at a situation where there may be an unemployment rate of 15pc for a few years to come, even after the pandemic has subsided.

The idea of coping with around 350,000 long-term unemployed is pretty shocking given the number of people unemployed in February was 120,000. Coping with an additional quarter of a million for several years will be costly and a huge economic setback.