Ireland Frontloads 4-Year E15Bn Fiscal Tightening; 6bn In 2011

LONDON (MNI) – Ireland is to frontload its planned E15bn fiscal
tightening for 2011-14 by aiming to do 40% of the required adjustment
in 2011 alone.

Two thirds of the adjustment are to come from cuts in public
spending and the rest from the revenue side.

“The Government has decided that 40% or E6 billion of the E15
billion adjustment will be made in 2011. This commitment to the early
delivery of the Plan will engender confidence at home and abroad that we
can restore order to our public finances. The adjustment will be made up
of E10 billion in spending reductions and E5 billion in tax and revenue
raising measures. These are demanding but realistic targets. With a
concerted national effort, they can be achieved,” the plan stated.

— London newsroom: 00 44 20 7862 7492; ukeditorial@marketnews.com

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