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Dublin: 13 °C Wednesday 19 September, 2018

#Budget11

# budget-2011 - Thursday 28 October, 2010

“IT’S A CASE of either slash our wrists, or someone’s going to come and stab us in the heart.” Those are the words of the Green Party’s Paul Gogarty, who has told the Dáil’s debate on the economic outlook that Ireland needs to do itself harm if it wishes to avoid having outside interference in its affairs. Gogarty also added his voice to calls for ministers to lose their automatic right to a Mercedes car, saying that a fleet of cars should be pooled for use as ministers need them.

From TheJournal.ie Labour lays out proposals for cutting deficit Politics

Labour lays out proposals for cutting deficit

Gilmore suggests raising tax rate for those on €100,000, while Cowen says government’s adjustment plan will rely more on spending cuts than tax increases.

# budget-2011 - Wednesday 27 October, 2010

From TheJournal.ie Government borrowing costs take yet another spike Bond Markets

Government borrowing costs take yet another spike

As the government announces massive budget adjustments, the cost of Irish borrowing lies just off its all-time peak.

From TheJournal.ie Here are the awful details behind Ireland's export recovery Irish Economy

Here are the awful details behind Ireland's export recovery

Unemployment is going to sit at around 13%, says Davy Research, and currency ‘headwinds’ will hit our growth.

From TheJournal.ie Dáil begins debate on €15bn budget adjustments

Dáil begins debate on €15bn budget adjustments

Brian Cowen tells the Dáil that the Croke Park agreement will remain, while the opposition slam government policy.

From TheJournal.ie Dáil prepares to debate €15 billion Budget cuts Brace Yourself

Dáil prepares to debate €15 billion Budget cuts

Minister Lenihan says the government’s plan is to cut €15bn over four years, with the coming Budget bearing the brunt of the cuts.

# budget-2011 - Tuesday 26 October, 2010

From TheJournal.ie Government's four-year target raised to €15bn

Government's four-year target raised to €15bn

The government says it is “neither credible nor realistic” to delay the budget cuts and tax increases.

From TheJournal.ie Builders' federation says Budget must prioritise jobs

Builders' federation says Budget must prioritise jobs

Contain your shock.

# budget-2011 - Monday 25 October, 2010

From TheJournal.ie Cabinet meetings to decide bloodbath Budget cuts

Cabinet meetings to decide bloodbath Budget cuts

An evening meeting today – and an all-day knocking of heads tomorrow – should decide how much spending will go.

# budget-2011 - Sunday 24 October, 2010

From TheJournal.ie HSE could lose 6,000 staff after bloodbath Budget HSE

HSE could lose 6,000 staff after bloodbath Budget

The Budget in December could bring €1bn in healthcare cuts – and mean enormous redundancies at the HSE.

From TheJournal.ie Fianna Fáil support plummets as Labour gains ground Opinion Poll

Fianna Fáil support plummets as Labour gains ground

Tomorrow’s Red C opinion poll in the Sunday Business Post shows FF support returning to shocking lows.

# budget-2011 - Thursday 21 October, 2010

From TheJournal.ie Abiding by EU targets kills economy for a decade – ESRI The Lost Decade

Abiding by EU targets kills economy for a decade – ESRI

The economic think-tank says aiming for the EU’s 3% deficit target by 2014 will force Ireland into a downward spiral.

From TheJournal.ie Ireland won't ask EU for budget target extension The Lost Decade

Ireland won't ask EU for budget target extension

The Department of Finance says it won’t ask Brussels to extend its 2014 deadline for reining in the budget deficit.

# budget-2011 - Tuesday 19 October, 2010

From TheJournal.ie Budget 2011: unexpected shortfall means double the pain Shellshocked

Budget 2011: unexpected shortfall means double the pain

This Budget just got a whole lot bloodier: Cutbacks and tax hikes over the next four years could be double the previous “worst case scenario”.

# budget-2011 - Monday 18 October, 2010

From TheJournal.ie Opposition react to public finance shortfall Talks

Opposition react to public finance shortfall

Politicians were briefed by the Department of Finance today about the state of the nation’s coffers.

# budget-2011 - Sunday 17 October, 2010

From TheJournal.ie Fine Gael supports government’s four year economic plan Consensus

Fine Gael supports government’s four year economic plan

Cowen says he’s approaching the party talks with an open mind, and Bruton says Fine Gael wants a full Dáil debate before agreeing to any economic measures.

# budget-2011 - Saturday 16 October, 2010

SINN FÉIN HAS criticised the government for not inviting them to the consensus talks on the budget- which already include both government parties, Fine Gael and Labour. Party vice-president Mary-Lou McDonald said that “there are no major differences between these three parties” and branded the consensus talks a “sham”.

# budget-2011 - Thursday 14 October, 2010

From TheJournal.ie €4bn budget cuts mean €2bn drop in economic growth - IMF We Can't Win

€4bn budget cuts mean €2bn drop in economic growth - IMF

Damned if we do, and damned if we don’t. We can’t afford to borrow, but cutting spending means double-dip…

# budget-2011 - Wednesday 13 October, 2010

From TheJournal.ie Housing agency calls for 'NAMA for the people' BaNAMA Republic

Housing agency calls for 'NAMA for the people'

Threshold urges government to take stake in bad mortgages while allowing tenants to retain a stake and stay in their home.

From TheJournal.ie Central Bank head doesn't foresee corporate tax hike

Central Bank head doesn't foresee corporate tax hike

Patrick Honohan says he does not think Ireland’s economic pressures are big enough to require an increase.

From TheJournal.ie Ireland has turned a corner. No, really - S&P Irish Economy

Ireland has turned a corner. No, really - S&P

Ratings agency Standard & Poor’s says the Irish economy will be quicker to recover than other European systems.

# budget-2011 - Tuesday 12 October, 2010

From TheJournal.ie Defiant Lenihan insists Ireland can avoid bailout BaNAMA Republic

Defiant Lenihan insists Ireland can avoid bailout

Ireland can “absolutely” dodge the need to go cap-in-hand to Europe – but pensions and welfare could be hit.

# budget-2011 - Monday 11 October, 2010

From TheJournal.ie All-party financial talks remain up in the air Budget Talks

All-party financial talks remain up in the air

The Greens are confident, the Taoiseach is on board, but the opposition say nobody’s asked them.

# budget-2011 - Friday 8 October, 2010

From TheJournal.ie Taoiseach writes off chances of ‘national’ government National Government

Taoiseach writes off chances of ‘national’ government

‘Political consensus’ would be welcome on financial issues – but national government would create ‘uncertainty’.

# budget-2011 - Monday 4 October, 2010

From TheJournal.ie Central Bank lowers expectations of economic growth Irish Economy

Central Bank lowers expectations of economic growth

The economy will still grow in 2010, according to the revised forecasts, but only just.

From TheJournal.ie Public trade union says no to further pay cuts

Public trade union says no to further pay cuts

The IMPACT union says public servants have been hit harder than most, and shouldn’t be considered an easy target.

# budget-2011 - Friday 1 October, 2010

From TheJournal.ie Ireland's era of low tax is over, says commissioner Olli Rehn

Ireland's era of low tax is over, says commissioner

Olli Rehn, the man behind the four-year budget strategy, says it is inevitable that the ‘low tax’ policy must end.

From TheJournal.ie FG refuses to abide by four-year plan - but seeks 'truce'

FG refuses to abide by four-year plan - but seeks 'truce'

The finance spokesperson says the government can’t hold the opposition to its plans – while senators seek co-operation.

# budget-2011 - Thursday 30 September, 2010

From TheJournal.ie Taoiseach says tax hikes likely in 2011 Budget

Taoiseach says tax hikes likely in 2011 Budget

In a lunchtime interview, Brian Cowen says “revenue raising” will have to be part of a new, harsher-than-planned Budget.

# budget-2011 - Wednesday 29 September, 2010

From TheJournal.ie EU ramps up pressure for management of budget deficit Bailout Republic?

EU ramps up pressure for management of budget deficit

Board members of the European Central Bank say it’s vital that Dublin gets its budget deficit in order, or else…

# budget-2011 - Friday 24 September, 2010

From TheJournal.ie Ireland's economic meltdown: what the world says Double Dip?

Ireland's economic meltdown: what the world says

“The folly of cuts,” says the Guardian; the drop is “unexpected” says WSJ; “the first to face a double dip,” says Telegraph.

# budget-2011 - Monday 20 September, 2010

From TheJournal.ie Deficit must be tackled quickly, Honohan warns Budget Deficit

Deficit must be tackled quickly, Honohan warns

“Explicit reprogramming of the budgetary profile for the coming years is clearly necessary soon if debt dynamics are to be convincingly convergent.” No, we don’t know what that means either.

# budget-2011 - Sunday 5 September, 2010

From TheJournal.ie Green junior minister told to pull Property Tax blog entry Property Tax

Green junior minister told to pull Property Tax blog entry

Ciarán Cuffe is forced to remove an entry where he proposes a property tax, because it’s against government policy.

# budget-2011 - Tuesday 17 August, 2010

NINE EUROPEAN UNION member states have written to the European Commission asking it to change its accounting rules in a bid to try and artificially lower their official budget deficits.

The countries, mostly from Eastern Europe, have asked the bloc to consider changing its classifications so that the costs of reforming their various pension schemes do not count towards their budget deficits.

Lithuania, Latvia, Bulgaria, Sweden, Slovakia, Hungary, Romania, Poland and the Czech Republic say that reform of their pensions systems, while expensive, create long-term benefit while inflating their short-term budget shortfalls.

In a letter obtained by Reuters today, the countries backed a German proposal to introduce new penalties for countries which exceed the Union’s ‘glass ceiling’ of running a budget deficit of more than 3% of GDP.

But they wrote:

Maintaining the current approach to debt and deficit statistics would result in unequal treatment of Member States and thus effectively punish reforming countries.

The European Commission has described the proposal to change budgeting rules as a “relevant” one, but insiders believe it would be difficult to change the rules as they form part of the Stability and Growth Pact, amendments to which would require the assent of all 27 member states.

“There is likely to be some understanding for the position of the nine countries, but it is difficult to say how far it will go,” one source told Reuters. “To change the accounting rules everybody has to be on board, and some are not.”

Ireland is likely to face massive penalties from the EU one way or another, after its official statistical agency Eurostat ruled that Ireland’s costs of recapitalising Anglo Irish Bank would not be discounted from its budget deficit – meaning its deficit could be up to 24% of GDP, eight times the EU limit.

# budget-2011 - Friday 13 August, 2010

UNIONS HAVE called on the government to be fair when considering how to get more people to contribute to the social insurance fund, RTÉ reports

They have said that the government must bear in mind how much a lower-paid person is able to pay, and that the scheme must return guaranteed benefits.

The statement comes as the state announced plans for the co-called universal social contribution fund into which everyone in society would be required to pay contributions – even on “unearned income” like investments and share options.

The Department of Social Protection are considering:

  • Standardising PRSI between employees and self-employed workers – the self-employed currently pay 3% PRSI, others 4%
  • Reforming employers’ PRSI to lower the cost of employees earning less than €500 a week
  • Introducing a minimum earnings threshold for access to the full range of PRSI benefits, and
  • Abolishing the PRSI ceiling of €7,500

Paddy Keating of IMPACT said PRSI payments ought to be made on non-earned income like share options and rental income, however he stressed that this should be done on a equitable basis.

Both the the Irish Property Owners Association and the Small Firms Association (SFA) were less enthusiastic about the proposals.

The Irish Landlords Association said that such new costs would could stretch some landlords to the limit and may force them out of business, which would result in the value of the rental property market taking a hit.

SFA said that plans to concerned about any plans to charge PRSI on share options or investments, saying great progress had been made on the tax treatment of such employee incentives in recent years.

However, SFA said that an increase in the PRSI contribution rate for the self-employed would be welcomed – providing self-employed people were then entitled to the same benefits as everyone else.

# budget-2011 - Saturday 31 July, 2010

The Irish Times leads with the Central Bank’s predictions that the economy will grow by 2% in 2011, as published by the bank in its Quarterly Bulletin published yesterday.

Inside, it tells of how the Supreme Court has referred the issue of custody rights of unmarried fathers to the European Court of Justice, which is required to offer a clarification on some points in a case with potential ramifications for the rest of the continent.

As with many of the Irish papers, it also carries news of how an as-yet-unknown Kilkenny resident scooped €1m after winning the top prize in the monthly Prize Bond draw – with a bond bought in 1981.

The Times’ magazine profiles the Irish students enrolled at the Royal Academy of Dramatic Art in London, who tell the paper about their 80-hour weeks and lives on a shoestring.

In contrast to the Times’ good news, The Irish Independent leads with the growing pressure on Brian Lenihan to deliver another tough budget, with it interpreting the Central Bank’s report as saying that Lenihan’s own projections are too optimistic.

Inside, it carries news of how brothers Eddie and Kieran Ryan – who themselves were at the centre of a kidnapping claim in 2003 – were sentenced to a combined total of 14 years in jail for possession of a high-powered firearm yesterday.

The Weekend magazine asks whether Nikki Pelley can ever marry her her current partner, convicted wife-murderer Joe O’Reilly.

The Irish Examiner leads with the news that more and more people are volunteering as medical ‘guinea pigs’ and taking part in clinical drug trials – because they need the money during the recession.

It also tells that the body found in an Inniskeen bog – believed to be that of one of the IRA’s ‘disappeared’ victims – may take up to a month to identify.

Inside, it details how lawyers for the partner of Twink’s ex-husband told the High Court that the Sunday World took a picture of her and her child and printed it alongside a caption labelling the child a ‘bastard’ and her a ‘whore’.

The Star leads with news that Ronan Keating and his wife Yvonne are “a happy family again” after Yvonne forgave him for having a “fling” with a dancer.

Inside it tells how the various public events taking place over the Bank Holiday Weekend – like the games at the Aviva Stadium and Croke Park, and the the Galway Races and the Spraoí Festival in Waterford – will boost the Irish economy by €160m.

On its back page it carries a “Jack lash” from Kerry football coach Jack O’Connor who believes that the entire world is out to see the back of him and his Kerry team.

Abroad, The Guardian leads with the insistence of US defence secretary Robert Gates that WikiLeaks’ publication of Afghan war logs is a potentially serious breach of the country’s security.

The New York Times features an Indonesian model, singer and actress Julia Perez, who is turning her attentions to politics in frustration at her country’s political establishment.

And in Germany, Bild reports that a previously unknown bacterium in the Gulf of Mexico is helping to dissolve the remains of the oil spill after the BP Deepwater Horizon disaster.

# budget-2011 - Monday 26 July, 2010

THE GOVERNMENT earlier officially published it’s €39.43bn programme for capital expenditure and investment over the next six years.

The 131-page document (PDF link) is heavy reading – so here’s our handy takeaway stats.

  • Every €1m of investment is expected to generate between 8 and 12 jobs – meaning the entire investment will create between 315,000 and 475,000 posts over six years
  • The Department of Transport will get the lion’s share of the fund with €12.17bn – or about 32.3% – of the investment.
  • The Deprtment of Environment, Heritage and Local Government also does well, with €8.5bn (22.7%) of the cash.
  • The other departments to do well are:
    • Education and Skills (€4.2bn / 11.2%),
    • Enterprise, Trade and Innovation (€3.79bn / 10.0%)
    • Health & Children (€2.89bn / 2.2%).
  • The transport projects being prioritised are the ‘Major Inter Urban-Routes’ – motorways between Dublin and Cork, Limerick, Galway and Waterford, the N11 and the Atlantic Route Corridor
  • The Metro North is saved, as is the Luas Interconnector route – the report says they were an important part of the Programme for Government
  • The Dublin-Navan rail link and the Western Rail Corridor, connecting Tuam to Claremorris, are on hold
  • In health, the priorities include a new children’s hospital, a new cardiac and renal unit in Cork, and the redevelopment of the Mater
  • In education, €3bn will do on upgrading primary and secondary schools, with €650 in third level
  • Tender values are about 30% down on their peak, meaning that the money will go further than it would have a few years ago

# budget-2011 - Sunday 25 July, 2010

The Sunday Independent leads with news of how Fine Gael leader Enda Kenny has beeen accused of ‘horrifying’ threats to party TD Lucinda Creighton after her speech criticising FG for accepting donations from indebted developers.

The paper – which publishes the results of a text referendum on whether to bailing out Anglo Irish Bank, with 95% saying yes – also devotes a large section, as many of the papers, to the death of snooker legend Alex ‘Hurricane’ Higgins.

It also features a lengthy interview with Gráinne Seoige as she prepares to move to the UK. Life magazine features a tour of Michael Flatley’s Cork home.

The Sunday Business Post reports that the cabinet is on the verge of a major disagreement over the next Budget, with the Green ministers and some Fianna Fáil members opposing Brian Lenihan on tax and privatising state bodies.

It also reveals the bizarre statistic that with the demand for coins so low last year as a result of the recessio, the Central Bank were forced to withdraw €23m in coins from the economy – costing the state €30m.

Inside it reveals that planned rail projects, such as the Dublin-Navan rail connection and the Western Rail Corridor linking Tuam to Claremorris, will be shelved as part of the budget cutbacks.

Agenda magazine covers the difficulties being posed to the Australian justice system by native aboriginal behaviour that would be considered illegal in the western world.

The Sunday Times leads with a disclosure from Labour leader Eamon Gilmore that his party, if in government, would strip the Irish passports of wealthy tax eiles if they did not pay the government for wealth earned in Ireland.

It also includes details of a barrister’s plea for the government to intervene after it was discovered that the Irish Red Cross had an undeclared bank account with €150,000 meant for the victims of the Indonesian tsunami in 2004.

Inside, it says the Orange Order has welcomed proposals to make July 12 an All-Ireland national holiday – and would hope, in the same manner as St Patrick’s Day, to dye the River Liffey orange for the day.

The Times’ Culture magazine profiles What Not To Wear duo Trinny and Suzannah who have gone from ‘bust to boom’ with an internet-only show.

The Sunday Tribune leads with the figure of €1.1bn – that’s the amount the government will cut from the Health and Welfare budgets in December, it says. Outgoing HSE chief Brendan Drumm says thousands should be made redundant from his body.

It also reveals that internal party documents have confirmed the Green Party has given up on its hope to hold a Dublin mayoral election in the autumn, with the vote now pencilled in for March.

Inside, it reveals that Bertie Ahern insists he’s entitled to claim for two mobile phone allowances – one as a TD, and one as a former Taoiseach – while also claiming the maximum travel expenses allowed by a Dublin TD despite having a full-time Garda driver.

The T2 supplement profiles thirty hidden tourist gems in Ireland.

# budget-2011 - Wednesday 21 July, 2010

The ESRI (Economic and Social Research Institute) has been lambasted by a Nobel Prize winning economist this afternoon.

Blogging for the New York Times Paul Krugman says the analysis in this morning’s ESRI report, which calls for €7.5bn in cuts over the next four years  is pulled “out of thin air”.

Krugman is highly critical of the institutes approach, arguing that further cuts may be self-defeating. Krugman is speaking as the government met today at Farmleigh to cut more than €3bn from the 2011 Budget, a move endorsed by the IMF.

Krugman says: “the policy conclusions are not, in fact, derived from the analysis — they come out of thin air. The authors simply assert that more austerity now would lead to a lower risk premium and hence higher growth, based on no evidence I can see.”

He dismisses the report saying it is a “pure appeal to the confidence fairy.”

This is not the first time Krugman has slammed austerity measures in Ireland.  In June, he wrote: “All that savage austerity was supposed to bring rewards… But the reality is that nothing of the sort has taken place: virtuous, suffering Ireland is gaining nothing.” Krugman’s comments had been brought about by an article by a feature in the New York Times about Ireland.