Wednesday 13 December 2017

Brendan Keenan: Harsh reality is cuts can't be put off forever

Despite 14,000 jobs being cut from the payroll, spending by Government has increased by 6.5pc

BACK in the days when extreme parenting was normal, and not a TV show, parents would warn naughty children: "Keep quiet, or I'll give you something to cry about."

It might be like that this year. We think the banks and their protected bondholders have given us great grief but the pain, so far, has been largely psychological.

Last week's Exchequer returns on government revenue for the first three months gave a taste of what is to come -- and what might be to come. There was €3bn in capital payments to Anglo Irish and Irish Nationwide. At current bailout interest rates that costs the taxpayer almost €200m a year.

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