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Noonan confirms Budget adjustment is going to be 'slightly ahead of €2.5 billion'

Speaking on his way into the Cabinet meeting this morning Noonan said that the Budget adjustment of tax increases and expenditure cuts will be “slightly ahead of €2.5 billion”.

http://www.youtube.com/watch?v=NYM_yCDXx2w

FINANCE MINISTER MICHAEL Noonan has said that “somewhere north of €2.5 billion” will be taken out of the economy in the Budget to be announced this day week.

Speaking on his way into the Cabinet meeting this morning Noonan said that the Budget adjustment of tax increases and expenditure cuts will not be the planned €3.1 billion but “slightly ahead of  €2.5 billion” instead.

He said that “significant savings” from the decline in the numbers on the Live Register as well as from the National Treasury Management Agency mean that there is a “good bit” of wiggle room.

Noonan told reporters: “I’ve been saying that now for several months, that we can achieve our targets by not going the full way to 3.1 [billion euro] because there are other savings in the system, which can be reckoned as part of the adjustment.”

Asked about whether the Troika had agreed to what the government is proposing Noonan said that the State’s lenders “know the general approach”:

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70 Comments
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    Mute John Quill
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    Oct 8th 2013, 9:53 AM

    Was €3.1Bn ever really on the cards or was it just a big kite?

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    Mute Francis Gorman
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    Oct 8th 2013, 10:09 AM

    Big kite, tell them 3billion then when it’s only 2.4 we will look like we did a great job. Fact is were all fixing to get screwed again

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    Mute Ryan'O
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    Oct 8th 2013, 10:12 AM

    The fact is…..all this is going to pay back private banking debt!

    102
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    Mute R39CRW8f
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    Oct 8th 2013, 10:12 AM

    Just saw RTE news there and he’s playing word games again.
    He said its €2.5bn, BUT, when taken with other savings measures the total would not be far off the €3.1bn.

    I read that as at least €600million in stealth taxes is to be expected. The publicity stunt is convincing people it a €2.5bn adjustment.

    71
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    Mute Francis Gorman
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    Oct 8th 2013, 10:42 AM

    Noonan red thumbed me

    29
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    Mute Joan Ryan
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    Oct 8th 2013, 10:48 AM

    and of course it gives us all something to talk about on the day the doctors are on strike….

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    Mute Maitiu O Faolain
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    Oct 8th 2013, 10:53 AM

    Don’t let the facts get in the way of your assertions. Clearly none of it going to subsidise welfare, public sector, or pensions.

    27
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    Mute Brian Donovan
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    Oct 8th 2013, 10:11 AM

    If you own a car, get ready to bend over.

    133
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    Mute Tony Skillington
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    Oct 8th 2013, 10:40 AM

    Any further Brian and we’ll be looking up a Chinaman’s arse.

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    Mute Harry Price
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    Oct 8th 2013, 11:28 AM

    but below 3.000000000000000000000000000000000000000000000000000000000000000 billion

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    Mute Genius
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    Oct 8th 2013, 3:22 PM

    The total stupidity of taxing people off the road,If we all stopped driving where will the money come from.

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    Mute Paul Reilly
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    Oct 8th 2013, 9:59 AM

    Cheers noonan sure that’s grand!!.what were we worrying about??. Sure it’s only 2.5bn out of the economy to pay for the mistakes if a few.im sure your ministerial pay will keep you warm over the winter when many will go cold

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    Mute Mike Clinton
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    Oct 8th 2013, 10:01 AM

    So true Paul.

    49
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    Mute Carcu Sidub
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    Oct 8th 2013, 10:06 AM

    Cold, wet & hungry, Paul

    43
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    Mute Ted Carroll
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    Oct 8th 2013, 10:20 AM

    Mistakes of a few? Which few are you referring to? Do you not realise that every month the Government is still borrowing massive amounts of money for it’s day to day expenditure, that’s Teachers, Garda, Social Welfare Recipients, Healthcare, TD’s, Old Age Pension and everything else they pay for (not having a go at any of the above by the way). Forgetting bondholders, bankers et. al. for one moment and the fact of the matter is that we’re still hopelessly broke. We spend far more money than we take in so I don’t agree that this is the mistakes of a few unless the few you refer to are FF who threw money at every group while things were good and left us in a completely hopeless position.

    61
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    Mute Coddler O Toole
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    Oct 8th 2013, 12:56 PM

    Ted,
    Most countries run a budget deficit most of the time. The deficit only becomes a serious problem when you are unable to finance it as in Ireland’s case now. Ordinarily countries finance their deficits by borrowing the money in the market. Or if they control their own currency, they can create new money by buying their own government’s bonds etc (Quantitative easing as the Yanks call it). Even in the depths of the 1980s recession, Ireland was always able to go to the market to fund the budget deficit until Brian Lenihan bailed out the banks in 2008. The markets then realised Ireland would not be able to cover the massive banking losses and pay them back and so the interest rate they demanded rose to an unaffordable level. This pushed us into the tender Troika embrace who now lend us the money and charge interest so that we can pay the banking debt as well as our budget deficit.
    The fundamental underlying reason that the markets can now dictate to Ireland is that when we joined the monetary union we relinquished the authority to create our own currency to the ECB and they have been acting contrary to Ireland’s national interests ever since. True sovereign nations like the U.S. or U.K. don’t have to borrow their own currency in the market, they can simply create it at will by pressing keys on a computer in their central banks. The markets understand this perfectly and so if these countries do choose to borrow in the market, the interest they will pay on sovereign debt is close to zero and always will be.

    24
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    Mute jack arse
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    Oct 8th 2013, 9:53 AM

    Ten cent on fags,5 cent on booze ,another few cent on fuel,the ould reliables hit again I reckon

    113
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    Mute Ciaran O Connor
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    Oct 8th 2013, 10:01 AM

    Decline in the live registry which basically means were screwing the irish public for what we can, taxing them on everything and sending us to an early grave due to stress.

    59
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    Mute Carcu Sidub
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    Oct 8th 2013, 10:09 AM

    And so saving on old age pension and so improving the finances of the state. What’s wrong with a bit of genocide among friends, when it’s only a war crime & we are not at war?

    34
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    Mute Tom Quinn
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    Oct 8th 2013, 11:13 AM

    We should reduce the tax on smokes so. Get more people smoking and get less people getting the state pension for protracted periods of time. Sure we could ban cigarette filters while we are at it too…..Encourage more unhealthy eating……….encourage old age reckless driving……..reduce the cost of booze to pensioners……….before we know it we could save this economy by wiping out those old folk that sponge off it……….Maybe we should adopt a Logans Run type approach to it all………..

    16
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    Mute Eugene Walsh
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    Oct 8th 2013, 10:08 AM

    Don’t ya just love politics, after the humiliation over the wkend all the big guns are out spitting out oh so gentle figures. Either we are dumb or they believe we are dumb

    55
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    Mute Carcu Sidub
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    Oct 8th 2013, 10:10 AM

    Both

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    Mute Little Jim
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    Oct 8th 2013, 9:50 AM

    I wonder what they’ll talk about in the meeting.
    Noonan obviously got the fax from Germany last night so the budget is set.
    How to spin it maybe?
    Are advisors allowed into cabinet meetings?

    54
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    Mute Kevin Higgins
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    Oct 8th 2013, 10:11 AM

    Are all the cabinet allowed into advisor meetings…

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    Mute Bill Butler
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    Oct 8th 2013, 10:12 AM

    well said jim the time has come to start asking the advisers and not the front men .

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    Mute Justin Donoghue
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    Oct 8th 2013, 10:54 AM

    Dear Angela

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    Mute Kevin Higgins
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    Oct 8th 2013, 10:09 AM

    Tax and regulating cannabis would bring in at least half a million. Make some smart reforms instead of hitting the people with the bill.

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    Mute Carcu Sidub
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    Oct 8th 2013, 10:12 AM

    As well as putting a bunch of $€umbags out of business and diverting garda resources to other crimes.

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    Mute Kevin Higgins
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    Oct 8th 2013, 10:16 AM

    Exactly, allowing our police force the time and resources to go after the cigarettes and diesel would also help our economy out.

    Added benefits to ending prohibition is unbelievable.

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    Mute John Quill
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    Oct 8th 2013, 10:18 AM

    It would save a lot of Garda time breaking up fights on a sat night if people were mellowed out.

    27
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    Mute Kevin Higgins
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    Oct 8th 2013, 10:25 AM

    Over 50 % of criminal convictions in Ireland are drug related. So 50% savings overall on policing may be recorded.

    16
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    Mute Kevin Higgins
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    Oct 8th 2013, 10:41 AM

    Just noted I said half a million instead of half a billion. Support Luke Mings cannabis regulation bill on the 6th of November.

    23
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    Mute Gerry McGuinness
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    Oct 8th 2013, 11:31 AM

    @ kevin higgins, lovely round number you give there as regards criminal convictions, annual court reports however make them out to be a lovely handy percentage not based in fact to impress people with a waste of garda resources, try real statistics.

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    Mute Cpm
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    Oct 8th 2013, 11:48 AM

    Didn’t the firemen find €500k in the safe of that headshop that burned down on Capel St. a few years back. So I think it’s safe to say it would be a hell of a lot more than half a million it would bring in, in tax.

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    Mute Andrew Nolan
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    Oct 8th 2013, 1:15 PM

    Kevin: Isn’t the Dail vote on legalisation of cannabis on October 29th?

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    Mute Kevin Higgins
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    Oct 8th 2013, 1:52 PM

    @Gerry I do not have the funding and Irish institutions do not have the statistics to get even close to that answer.

    @Andrew new official date is 6th of November and this date is final – https://www.facebook.com/events/183146295195987/?ref_dashboard_filter=upcoming

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    Mute Gerry McGuinness
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    Oct 8th 2013, 3:19 PM

    @ Kevin, Neither do I, try googling the court reports, very informative, gives breakdowns by crime heading and result. Much better than makey uppey figures. At least make an effort when trying to sway an argument. Unless you are suggesting that many of the other offences like assault, public order are because of drugs. Which would nullify your suggestion.

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    Mute Kevin Higgins
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    Oct 8th 2013, 3:28 PM

    Im sure cannabis itself funds many other criminal activities. I had made several famous crime boses over the past few years alone and its the most common consumed illicit drug in Ireland. It accounts for 62% of all drug offenses.

    I have the court reports in physical copy however they do not help paint a clear economic picture.

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    Mute Gerry McGuinness
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    Oct 8th 2013, 3:40 PM

    @ Kevin, I think you will find you are now trying to change what you’re saying , you made a definitive statement that over 50% of all convictions are drug related. Now you’re saying no one can state how much drugs affects other crimes. So therefore you can’t either by that logic. And I doubt they have the influence and the figures you claim as the largest crimes are public order/assault, theft and drink driving, none of which I see being driven by the cannibas trade. Saving 50% on policing is also a false figure as these are gardai already on duty, their supports already in place and therefore savings made would be nowhere near the number you claim.

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    Mute Kevin Higgins
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    Oct 8th 2013, 3:48 PM

    I said allowing police time and resources which does not equate to 50% savings in policing. I said it may equate to it but we will not know until we end prohibition. To say that the police can never save money is a joke. If crime in 100 years time is half the problem we should be spending half the money. Its like when you reduce army numbers because there are no wars left to fight.

    Can you prove my statement wrong? Trends in other countries which do record statistics properly show as much as 80% of conviction are drug related and 60% above usually are for simple possession.

    Would you be of the opinion cannabis should remain illegal?

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    Mute Gerry McGuinness
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    Oct 8th 2013, 4:09 PM

    50% saving cannot be achieved in anything except by halving your work force as the most direct route, are you suggesting that in 100 years time that if crime is half what it is now that they will half the Gardai or do you not think that the deterrent requirement is there. Have our army numbers been reduced substantially even though we do not fight wars?

    So you are now satyying that the court reports are not recording crime properly, even though it is broken down under all the main headings, 15858 drugs offences at district court level out of 400911 total offences in is a long way off 50%. 9599 recorded convictions of some type for drugs out of a total number of convictions of 172619 is a long way from 50% as well. even marrying in a percentage of the thefts and assaults and the murders in as ” drug related” you come nowhere near the statistic you’re trying to get people to swallow

    Cannibas is a much more harmless drug than alcohol, I was open minded on the debate but as Holland began to roll back on its openess and they have experience I would have qualms about decriminalisation again. Then again, my view is matterless, I am merely tilting against lazy figures.

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    Mute Seamus Warren
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    Oct 8th 2013, 10:03 AM

    ” Now lads we need 3.1billion —-we might get away with 2.9B—–do I hear 2.8——now it’s 2.5billion”????? Is anybody driving this jeep?

    50
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    Mute Ciaran Morgan
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    Oct 8th 2013, 10:01 AM

    The shortfall has to be made up next year according to the Imf. We will be out of the troika programme by then but they are still dictating our financial policy. Can noonan explain why?

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    Mute Kerry Blake
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    Oct 8th 2013, 10:20 AM

    Simple we voted yes to the The Fiscal Compact referendum.

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    Mute Mike Clinton
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    Oct 8th 2013, 9:47 AM

    Oh well that’s ok then.
    Let’s all get onto our hands & knees and thank God we’re on our feet !!

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    Mute Ciaran O Connor
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    Oct 8th 2013, 9:52 AM

    Until they bring in pavement tax

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    Mute Jason Bourne
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    Oct 8th 2013, 9:52 AM

    Thank Noonan, thats what he wants.

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    Mute Catherine Keogh
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    Oct 8th 2013, 10:17 AM

    2.5 billion out of the economy.is he looking to be carried through the streets on our shoulders.get a grip how stupid do they think people are thinking he saved us 600 million.aghhhh

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    Mute Jim Hartnett
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    Oct 8th 2013, 10:11 PM

    Evidently people are indeed stupid and although we cannot go by polls all the time, the fact that FG are going up in them is testament to the stupidity of the Irish electorate. If you organised a march for the murdered cat on Love and Hate, more would turn up than to a march against austerity.

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    Mute micheal285
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    Oct 8th 2013, 10:12 AM

    Just a spoonful of sugar helps the medicine go down !! ME ARSE !!!!

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    Mute Daniel Murphy
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    Oct 8th 2013, 4:51 PM

    They now want to tax sugar as well

    6
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    Mute Connaughtabu
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    Oct 8th 2013, 10:10 AM

    €3,100,000,000 or €2,500,000,000 it really doesn’t matter – there are way too many noughts in the number whatever way you look at it.

    Based on the publicised 2:1 cuts vs tax breakdown, it will be a minimum of €1,666 million less spent on education, health and welfare (etc.) and a mere €833 million extra in taxes and other charges.

    Sure I’ll write you a cheque, Minister!

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    Mute Simon Barnes
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    Oct 8th 2013, 10:29 AM

    That’ll be the problem with living in the naughty’s.

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    Mute Kerry Blake
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    Oct 8th 2013, 10:17 AM

    €2.5 billion yippee what a nice warm feeling as the Irish tax payer pays off banking debt.

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    Mute Gary Keegan
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    Oct 8th 2013, 11:44 AM

    €5 increase on Vaseline, bend over folks and be ready Big Mickey Noonan is coming.

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    Mute Mike Houlihan
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    Oct 8th 2013, 10:03 AM

    Oh well, it will drag on another year so.

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    Mute orla
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    Oct 8th 2013, 10:53 AM

    People, once upon a time,people in our lovely country,didnt much Care for Politics.Now, we are all experts ,on the workings of th,e system, and thats a good thing,only the goverment, still think they can pull the wool over our eyes!They cant!not any more.pl

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    Mute Martin
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    Oct 8th 2013, 10:48 AM

    Bend over time 2013

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    Mute John
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    Oct 8th 2013, 12:40 PM

    Noonan anything you do now will not save you at the GE. You and your buddies have already robbed us blind with unfair taxes and that will not be forgotten.

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    Mute brian lydon
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    Oct 8th 2013, 11:42 AM

    E2.5 billion? – Noonan should go for E6 billion and get all the pain over in the one budget

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    Mute SeanieRyan
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    Oct 8th 2013, 1:14 PM

    That is what should have been done at the start.

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    Mute Shane O Malley
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    Oct 8th 2013, 12:58 PM

    only 2.5 billion the sneeky bastards brought the budget forward from december to next week,,thats 2 extra months of increased vat on fuel smokes drink and everything else the fookers gonna hit us with not to mention a extra 2 months of cuts, these tossers think we are stupid

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    Mute Sean Collins
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    Oct 8th 2013, 2:08 PM

    Photo of a well fed looking Noonan

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    Mute Ignoreland
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    Oct 8th 2013, 11:38 AM

    Jesus, commenters on here seem to be disappointed that it’s not €3.1 billion. Then they’d really have something to moan about.

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    Mute Donal O Neil
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    Oct 8th 2013, 3:20 PM

    I’m looking forward to the budget

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    Mute Patrick
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    Oct 8th 2013, 11:58 AM

    It’s still A LOT.

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    Mute Martin Hoey
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    Oct 8th 2013, 3:30 PM

    reason the dole quees are down is half the unemployed are now in america australia anywhere except here where they can get work. im not a shinner but like their idea of cutting politicans pay and the wealth tax as these dont affect us the ordinary public. also legalising cannibis will only hit the criminals pockets unless they sell it cheaper like the tobacco and cigerette issues

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    Mute richardmccarthy
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    Oct 8th 2013, 1:38 PM

    If as expected the politicians continue to extract evermore taxes and charges from peoples pockets instead of the correct but painfull action of cutting government spending, no matter what reduction in figures they arrive at, its very likely it will have to be made up in the next budget, its just kicking the can down the road and hoping that the economy picks up before then so as to lessen the impact,only a politician can afford to gamble on that happening and know they would get away with it.

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    Mute Siobhán Ní Chorcora
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    Oct 14th 2013, 12:29 AM

    Look … what ever happens when this budget comes out someone is going to get f**cked … Will it change anything??? I don’t really know …

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    Mute Mary N Murphy
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    Oct 8th 2013, 11:05 PM

    Merkel calling Enda and Noonan —–Orders – SCR*W the Irish Again…. And ….Again…… Carry OUT ALL ORDERS ……..will forward NEXT…….. set of orders ……….shortly ……

    1
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