The Government today confirmed it plans to take measures totalling €6bn in December's Budget as the first step in its efforts to bring the deficit in line with EU targets by 2014.Chambers Ireland has today said that it is imperative that any savings achieved by the Government’s economic strategy must primarily focus on current spending and not on the back of capital spending which is so vitally needed to sustain a functioning wider economy.
According to Seán Murphy, Chambers Ireland Deputy Chief Executive, “Despite the lack of specifics contained in the Information Note on the Economic and Budgetary Outlook 2011 – 2014, we hope that we have the time to convince the bond markets post-Budget 2011 that these plans are credible.
"It is critical that the interest paid on future Government debt contracts fall as paying interest rates of 7% plus will not be financially sustainable,” he concluded.
Posts
