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Fiscal Council says Ireland is still vulnerable and warns against extra Budget spending

The council said any additional initiatives should be funded by tax increases or a re-allocation of spending.

THE IRISH FISCAL Advisory Council has warned the government against additional spending in the next Budget.

In its pre-Budget submission this morning, the council said debt levels still remain very high, “which leaves Ireland vulnerable to adverse shocks such as those from a harder-than-expected Brexit impact”.

The council, which is the State’s independent spending watchdog, did note that Ireland made substantial progress in moving public finances to a safer position, but said risks remain.

“The council assesses that it would be conducive to prudent economic and budgetary management for Budget 2018 to stick to existing spending and tax plans within the available gross fiscal space for 2018 of around €1.7 billion,” it said.

It pointed out that the cost of previously announced measures and the yet-to-be-approved public sector pay agreement reduces the scope for new initiatives in the forthcoming Budget.

However it said if additional priorities are to be addressed, these should be funded by additional tax increases or through re-allocations of existing spending.

“Any unexpected increases in tax revenues or lower interest costs should not be used to fund permanent budgetary measures,” it said

Considering that the rules already risk being breached this year, a further relaxation of the stance for 2017 would not be appropriate. Within-year expenditure increases, like those in 2015 and 2016, would result in a much more expansionary stance than originally planned, unless they are offset by corresponding expenditure savings or new revenue measures elsewhere.

In its statement the council also referenced the Rainy Day Fund, which it said could “make a useful contribution to more sustainable growth and to prudent management of the public finances”. However it said details of how it should operate should be published as it is not clear how the design of the fund will “ensure that it is truly countercyclical”.

Read: ‘You’ve seen three people unfortunately die’ – Fianna Fáil defends planned tax cut for builders>

Read: The founder of Google’s investment arm is putting money into Limerick startup Teckro>

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    Mute Tony Skillington
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    Oct 31st 2013, 6:53 PM

    Cudda wudda shudda Philly…another pathetic mess.

    107
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    Mute Peter Carroll
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    Oct 31st 2013, 7:08 PM

    Statement of the BLEDDING OBVIOUS ….. Incompetent …. ” sure they’ll know they’ve no wTer when they turn on the tap “”"” FOOLS COUKDNT ORGANISE A PISS UP IN GUINNESS

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    Mute Mark Campbell
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    Oct 31st 2013, 7:24 PM

    Pathetic is right,highest paid public sector workers in Europe and this is what we get for it.

    59
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    Mute Brian Ó Dálaigh
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    Oct 31st 2013, 8:12 PM

    Agreed, Mark. Instead of highly paid public sector workers, like teachers on jobbridge, we should have low paid private sector workers like Quinn, Fingleton, Drumm, etc. Because they’re honest, decent, incorruptible, hard working people with the interests of the people at their hearts.

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    Mute Mark Campbell
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    Oct 31st 2013, 11:30 PM

    Yeah and was it the public sector banking regulator that allowed it all to happen. Then rode off into the sunset with a fat lump sum and pension?

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    Mute Petr Tarasov
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    Oct 31st 2013, 11:33 PM

    @Mark

    PWNED!

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    Mute RP McMurphy
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    Oct 31st 2013, 7:08 PM

    Good man Phil….couldn’t be bothered communicating it correctly he’s so used to just telling whoever what to do! The most ignorant, self-obsessed man I have ever had the misfortune to have worked with. Only the threat of business’ refusing to pay water rates is in the offing, we would not have heard from him! He is THE original Irish ‘let them eat cake’ sort of man-een bully.

    104
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    Mute Ben Reilly
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    Oct 31st 2013, 7:45 PM

    The pictures of him off boozing with his “Personal assistant” whilst the household charge was being introduced says it all really!

    66
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    Mute 'Bull' Mick Daly
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    Oct 31st 2013, 6:33 PM

    People asleep on the job,they blamed recent wet weather!!!! Are they for real!!

    86
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    Mute Rory O'Brien
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    Oct 31st 2013, 7:20 PM

    HOLD ON! He reckons that the communication was handled badly! This from the biggest PR UNFRIENDY AND INEPPT buffoon in Leinster house !

    73
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    Mute Paul Mc
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    Oct 31st 2013, 7:34 PM

    All the special advisors these ministers have and he Hogan comes out with that crap.

    44
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    Mute AICS (Steve Tracey)
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    Oct 31st 2013, 6:59 PM

    They cock it up, don’t plan and then send Phil “clueless” Hogan out to apologise and make things better, what a brilliant choice. Keep going boys you’re making things worse every minute.

    55
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    Mute JayTee
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    Oct 31st 2013, 6:51 PM

    The government was warned years ago….hypocrites

    47
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    Mute Mike Clinton
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    Oct 31st 2013, 6:30 PM

    “It’s their fault, they created the mess and we have to make difficult decisions”.. So there !!!!

    47
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    Mute legoman❗
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    Oct 31st 2013, 9:13 PM

    If it’s yellow let it mellow if it’s brown flush it down.

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    Mute Fergal Reid
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    Oct 31st 2013, 6:46 PM

    What IS the problem?

    42
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    Mute Little Jim
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    Oct 31st 2013, 6:51 PM

    We have to wait for a grown-up to have a look.

    65
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    Mute mcgoo
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    Nov 1st 2013, 12:28 AM

    Ultimately it’s a network that loses 40-50% of what it produces. The problem is silt apparently.

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    Mute Barry Ryan
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    Oct 31st 2013, 7:19 PM

    They say that about everything! Well… everything could have been handled better. Selfish, me fein, corruprt, deluded, out of touch with the people and scary idiot’s running the Country!

    38
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    Mute TheIrishBrain
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    Oct 31st 2013, 7:14 PM

    The water is too wet in Ireland

    33
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    Mute Robert Hayes
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    Oct 31st 2013, 7:22 PM

    It’s the wrong type of water…….
    Pathetic shower of over -paid ,under -worked shower of wasters.
    Take them all out and dump them in the sewage treatment plant in Ringsend.
    Maybe that is out of service also.

    34
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    Mute Frank Mc Carney
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    Oct 31st 2013, 8:19 PM

    Doubt if it could handle that much s**t

    19
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    Mute Roddie Cleere
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    Oct 31st 2013, 7:59 PM

    Resign

    26
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    Mute Mark Campbell
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    Oct 31st 2013, 7:28 PM

    Oh if only we had accountability in this country,nobody ever resigns and they will just let the latest storm blow over. Probably give themselves an increment for dealing with the stress of it all.

    23
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    Mute AICS (Steve Tracey)
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    Oct 31st 2013, 7:34 PM

    Mark, this comment is needless, of course they will it goes without saying

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    Mute Frank Mc Carney
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    Oct 31st 2013, 8:15 PM

    Yes DCC certainly made a cock up BUT
    Hogan master communicator criticising them —— well that sure is the pot calling the kettle black. Who is responsible for cock up over 2014 property tax payments??? Oh yes Hogan you indeed are the master communicator or perhaps bullshitter might be more apt.

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    Mute susanna smyth
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    Oct 31st 2013, 8:42 PM

    This is the kind of third world service that scares companies thinking of setting up to do business in Ireland and his thick rhetoric on air today shows we ‘re not progressing but going backwards

    17
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    Mute Sharon Obrien
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    Oct 31st 2013, 7:34 PM

    We are drinking this shit and there could be anything wrong with it,if they dont know what the problem is how do they know its safe for us to use.

    21
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    Mute Leslie Alan Rock
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    Oct 31st 2013, 7:20 PM

    And if me aunty had b**** she’d be me uncle

    16
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    Mute Mary Griffin
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    Oct 31st 2013, 7:34 PM

    Phil Hogan says it was handled badly. He must have gone to Communications Clinic lately so as I would have thought he would not have any expertise in this area. If he has he has hidden it well.

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    Mute Mike Clinton
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    Oct 31st 2013, 9:26 PM

    I’m actually surprised the pile of ignorant sh1t hasn’t ordered revenue to look after it.
    Christ, he’s one buffon . Small wonder he can’t show his face in Carlow.

    14
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    Mute Thomas Maher
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    Oct 31st 2013, 8:11 PM

    Well Phil a good place to start handling things properly is by telling the truth and stop hiding it. You want the people who pay you’re wages to be less up set with you well give the true facts we’re growing ups for the most part.

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    Mute John Ryan
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    Oct 31st 2013, 7:32 PM

    Government entered a tug of war competition and got disqualified for pushing

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    Mute John
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    Oct 31st 2013, 10:04 PM

    There is only one way to settle this political circus and that is for FG/L to resign tomorrow at 9am.

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    Mute Dhakina's Sword
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    Nov 1st 2013, 12:34 AM

    I’d be delighted with that, even if we had to allow them a concession of having a lie in till’ ten, or eleven.

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    Mute Toby Parker
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    Oct 31st 2013, 9:46 PM

    Everything this eejit does could have been done better.

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    Mute Cardboard Cut Out
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    Oct 31st 2013, 10:50 PM

    Am I being too synical in thinking that the timing of this is priceless…. two months before charges come in. Frighten the sheeples into paying their water charges. We had the hottest, summer in a million years n not a whisper about a water shortage

    11
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    Mute DeclanFlynn
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    Oct 31st 2013, 9:04 PM

    How long til Phil decides the best way to solve this water problem is to introduce a new fee of some kind? Maybe a tax on taps or a levy on loos?

    A flush counter could be installed on every toilet in the state. They would wirelessly report your flush usage back to Phil and the Dept of Finance can then deduct it straight from your wages.

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    Mute John Ward
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    Nov 1st 2013, 12:43 AM

    That bastard Hogan will tax our piss if he can get away with it!

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    Mute Niamh Okelly Odoherty
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    Nov 1st 2013, 8:02 AM

    Just wondering next year when the water charges come into effect and these goons decide to cut off the water supply can we take them to court for failing to supply a service that we have paid for (probably in advance mind you ) lol

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    Mute Aidan Mulligan Mull
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    Nov 1st 2013, 3:34 AM

    Just get Garyhinch reservoir on the way i know it’s years away but it would end the problem stop the stalling

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    Mute John Fitzgerald
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    Nov 2nd 2013, 12:24 PM

    Like you did with LPT Phil

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    Mute Martin Gorry
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    Nov 1st 2013, 12:51 PM

    This man is unfit for public office. He is appears to struggle with the simplest task.

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    Mute Robert Squires
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    Oct 31st 2013, 11:36 PM

    You will never run dry when you have a RainShed Harvesting water supply .

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