Budget adjustment lower than planned, Noonan confirms
The Minister for Finance, Michael Noonan, has confirmed that next week's Budget could have correction measures of around €2.5bn – significantly less than the €3.1bn demanded by the Troika.
Michael Noonan says the EU and IMF are happy with the headline figures being sent to the cabinet for approval this morning.
He said the rest of the deficit can be made up with the savings the Government has already recorded.
"Somewhere north of €2.5bn – not less than two, two-point five – because of the significant savings that are coming through," he said to reporters outside the Dáil this morning when quizzed on the level of adjustment.
"When we add that to the correction on expenditure and the tax increases, we'll be over €3.1bn" he said.
Meanwhile, the Minister for Public Expenditure has warned that there are no easy measures left to take in the Budget.
Brendan Howlin said successive years of challenging budgets mean there are no obvious options for cutting back on spending.
"There is nothing easy left to do, because anything in terms of expenditure reduction or tax increases that is easy - if there's any such thing- has already been done well by now," he said.
"So any further adjustments, any further tax increases, are all challenging and difficult."
He said the budget will seek to address the anger and frustration people feel as much as possible.
Other political parties and interest groups are releasing alternative budget plans this week.
