More than €15bn has already been cut by Government Budget 2011
More than €15bn has already been taken out by Government before the latest adjustments begin for Budget 2011
Since it started making adjustments to its budget in July 2008 to address its economic and fiscal problems the Irish government has made adjustments of €15.4bn. This is important to note as it illustrates the danger of taking a further €15bn out of the economy in four years. The details are as follows (all numbers list full-year impact):
July 2008: €1bn
October 2008 (Budget 2009): 2bn
February 2009 (expenditure adjustments): €3.1bn
April 2009 (supplementary Budget): €5.3bn
December 2009 (Budget 2010): €4bn
Government's approach of reducing Ireland's borrowing requirement to 3% of GDP by 2014 will seriously damage the economy and seriously damage Ireland's social cohesion. The situation will be worsened further by Government's decision to achieve this by reducing expenditure by more than it increases taxation. Social Justice Ireland urges Government to insist the deadline is extended to 2016 and to ensure that those who are poor or vulnerable are protected. This can be done.
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