We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
THE GOVERNMENT MAY not have the room to make this year’s budget a giveaway one.
That is the warning from the Fiscal Advisory Council (FAC) today, who warn that tax cuts in the last budget before the general election would mean added pressure on expenditure targets.
With GDP set to outstrip expected growth, the FAC says that Ireland can divert from expenditure targets if three conditions are met.
“First, tax and spending decisions must ensure that the deficit continues to be reduced at a prudent pace and achieve at least the targeted reduction of 0.5 per cent of GDP in the structural balance. Second, the Government should clearly justify the departure from the existing benchmark, as well as the rationale for any new reference rate used. Third, the Government should underline its commitment to domestic multi-year expenditure ceilings.”
The issue of making things easier on the so-called “squeezed middle” has been raised numerous times in the last year, with many speculating that the coalition would use October’s budget to shore up support by cutting taxes.
The FAC says that with spending targets in mind, the room for tax cuts is small.
“Regardless of whether a relaxation of the expenditure benchmark in 2016 is eventually pursued, there is limited room for discretionary tax cuts in 2016. Tax cuts would further tighten the expenditure benchmark in circumstances where the state faces growing medium-term expenditure pressures.”
To embed this post, copy the code below on your site
No mention of the crazy high variable rates they are charging their mortgage holders
Meanwhile, we wait with bated breath to find out who IS entitled to investigate tax evasion by the great and the good. You couldn’t make it up.
This bank has seen more English bankers moved across the sea than former I.R.A men across the border .
It seems to me “banksters” practice relocation as much as any other secretive organisations – let’s hope it’s not for the same reason !
Stealing from the poor with crazy interest rates.
Poor people don’t buy houses.
Might we expect a pension?
P T S B the Bank appointed by this Government to take over the running of the former Credit Union in NEWBRIDGE Co. Kildare. A town now without a Credit Union and whose residents are about to lose possession of the building they paid for to the D S P. Without a cent being reimbursed to the members of the former Credit Union, and still no answers from its last Board of Directors.
If they wanted to keep their credit union the members should have run it better.
Reinhart and Rogoff must have moved into accountancy since the Herndon collision !
Nice to see they may have got a job of Mr. British Cabinet adviser – if they did that is !
Why are’nt the board of TSB in jail, did they not have money planted in Anglo’s accounts to make the Bank look solvent????
I am aware of a person who had a deposit if €150,000 with TSB with a fixed rate of 2% for 15 months.
The same person had an opportunity to buy an apartment for €65,000 with a rent of €7,200 PA.
TSB were asked for a loan of €65,000 secured by the deposit of €150,000 and they quoted a rate of interest of 7.5% for the loan a surplus of 5.5% over the cost of funds.
This is usury!
Does the Central Bank of Ireland have any control over Banks or is it all a joke?
Just don’t take my free banking!!
have your say