Labour: Dept books reveal 'very challenging' figures
The Labour Party has described the economic figures it has been shown by the Department of Finance in a pre-budget briefing as "very challenging".
Officials at the Department told Labour's Joan Burton that they are concerned about lower than expected income tax returns for the months ahead.
The party says it will receive a series of briefings in the run-up to December's budget so it can formulate its own economic proposals.
But Deputy Burton, the party's finance spokesperson, said officials are concerned about a lower than expected income tax take in the coming year.
"I think that what they told us is very challenging," she said following the meeting.
"It means that this process is very important - they are concerned… that the income tax receipts are below expectations and the reason for that is that less people are actually working, and also an awful lot of people have taken wage cuts."
Meanwhile Fine Gael's Michael Noonan has said it is now accepted that a much tougher series of budgets will be needed over the next four years because of lower than expected economic growth.
Speaking after his own meeting with Department of Finance officials, Deputy Noonan said the previous estimate of €7.5bn in cuts over four years will have to be raised to take account of a reduced tax take.
