Ireland Falls Victim to Austerity
Ireland outlines EUR1.4-B cut in recurrent spending for Y 2012
Ireland’s Minister for Public Expenditure and Reform Brendan Howlin announced Monday the government will reduce recurrent expenditure by EUR1.4-B next year.
In an address to parliament, Mr. Howlin said the government was taking “very difficult decisions” that were required to protect the “long-term and strategic interests of the state and its citizens.”
“We have been forced to make difficult and unpalatable decisions,” he said. “But we, as a government, are committed to being honest and up front with people in the hard choices that we must make.” Mr. Howlin said that spending on health, education and agriculture are to fall significantly next year but weekly social welfare payments are to be protected.
He said that the university student contribution charge will increase by 250 Euros, the public sector pay bill will fall by 400-M Euros and the fuel allowance season will be reduced from 32 to 26 wks.
He added the 3 highest spending departments; health, social protection and education are to absorb the brunt of the cuts, while the departments of agriculture, transport and environment are also affected.
Sunday evening, in a televised address to the nation, Irish Prime Minister Enda Kenny said that in the Y 2012 budget, public spending, including recurrent expenditure and capital expenditure, must be cut by 2.2-B Euros, and that extra taxes must raise 1.6-B Euros.
The Y 2012 budget is expected to be one of the toughest ones announced in Ireland and the government will outline spending cuts and tax rises amounting to 3.8-B Euros as it tries to bridge the gap in the public finances.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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