Wednesday 21 February 2018

Dust down your hairshirt – report is softening us up for more cuts

Peter Flanagan

Peter Flanagan

IF we thought there was a chance of an easier Budget this year, then forget it.

That was the message from the Central Bank yesterday, which made clear it believes the Government should push ahead with more austerity.

Last year, Finance Minister Michael Noonan committed to taking some €3.1bn out of the economy in October's Budget through a mixture of spending cuts and tax hikes. However, after the former Anglo Irish Bank was shut down in February as part of the infamous "promissory note deal", it was hoped the €1bn-a-year savings achieved would allow a less harsh adjustment.

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