IBEC, the group that represents Irish business, today said that Government's plans for budgetary adjustment for the coming four years represent a proportionate and credible response to the budget deficit.Commenting on the Economic and Budget Outlook published by the Department of Finance, IBEC director general Danny McCoy said: "The €6 bn figure for Budget 2011 is about right - it will bring the budget deficit for 2011 below the 10 per cent psychological threshold and puts the public finances on track to reach the 3 per cent deficit target by 2014. Government's forecasts for economic growth over the period are also prudent and leave some room for upside, which may ease the adjustment burden as we approach 2014.
"Households will still be wondering tonight what exactly the adjustment will mean for them in taxation terms, however, and this will leave an air of uncertainty between now and Budget day," concluded Mr McCoy.
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