04/11/2010 - 07:27:07
The Government will announce later that €6bn in cuts and tax hikes are needed in December's Budget.
Just a few months ago, the Government was preparing the public for cuts of €3bn.
But the economic crisis for the country has now worsened to the extent that the Cabinet believes the figure needs to be doubled, making it the biggest budget correction in the history of the state.
Growth prospects for 2011 are expected to be minimal, and the Government be revealing those figures today also.
The Government hopes that by making the correction of €6bn now, and another €9bn over the following three years, it will be enough to calm the international markets.
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http://breakingnews.ie/ireland/government-expected-to-announce-6bn-budget-cuts-today-480361.html#ixzz14Jm2GHVl