Oisνn
01-06-2009, 07:03 PM
Cowen in crisis as we borrow 45m a day
Taoiseach Brian Cowen was last night urged to take immediate action to salvage the economy after it emerged the Government will have to borrow 45m a day this year to balance the books.
Officials yesterday confirmed the Government would have to fill a gaping 16bn hole in the public finances unless urgent action was taken.
Mr Cowen, who is set to leave the country next week to head a trade mission to Japan, was accused of failing to show leadership as it emerged:
- Dwindling Exchequer finances created a tax shortfall of 8.1bn last year.
- There was a 60pc increase in job losses compared to the previous year, with record losses predicted for this month.
- Up to 800 jobs at Waterford Crystal are under threat after the company confirmed it had gone into receivership.
- The number of businesses that went into liquidation more than doubled last year.
Gloomy Exchequer figures released yesterday revealed borrowing last year came to 13bn. The biggest-ever deficit is almost three times the figure estimated on Budget day 2007.
It was due almost entirely to an 8bn slump in tax revenues. The collapse in the property market devastated receipts from VAT, which brought in 2bn less than was forecast 13 months ago. Stamp duties were over 1bn short and capital gains tax -- mostly on profits from property sales -- was almost 2bn under budget.
Opposition politicians, employers and analysts all called for action to help reduce the impact of the economic crisis on jobs and the economy.
[Continue reading] (http://www.independent.ie/national-news/cowen-in-crisis-as--we-borrow-euro45m-a-day-1592924.html)
This country is sliding deeper into the shite everyday. It's going to be laughable to watch these cretins trying to persuade us to vote yes to the Lisbon treaty re-run, there's never been more hatred of the government. Cowen, Coughlan and Lenihan the Holy Trinity of idiots who are running this country into the ground will be very lucky if they serve their full terms in office.
Taoiseach Brian Cowen was last night urged to take immediate action to salvage the economy after it emerged the Government will have to borrow 45m a day this year to balance the books.
Officials yesterday confirmed the Government would have to fill a gaping 16bn hole in the public finances unless urgent action was taken.
Mr Cowen, who is set to leave the country next week to head a trade mission to Japan, was accused of failing to show leadership as it emerged:
- Dwindling Exchequer finances created a tax shortfall of 8.1bn last year.
- There was a 60pc increase in job losses compared to the previous year, with record losses predicted for this month.
- Up to 800 jobs at Waterford Crystal are under threat after the company confirmed it had gone into receivership.
- The number of businesses that went into liquidation more than doubled last year.
Gloomy Exchequer figures released yesterday revealed borrowing last year came to 13bn. The biggest-ever deficit is almost three times the figure estimated on Budget day 2007.
It was due almost entirely to an 8bn slump in tax revenues. The collapse in the property market devastated receipts from VAT, which brought in 2bn less than was forecast 13 months ago. Stamp duties were over 1bn short and capital gains tax -- mostly on profits from property sales -- was almost 2bn under budget.
Opposition politicians, employers and analysts all called for action to help reduce the impact of the economic crisis on jobs and the economy.
[Continue reading] (http://www.independent.ie/national-news/cowen-in-crisis-as--we-borrow-euro45m-a-day-1592924.html)
This country is sliding deeper into the shite everyday. It's going to be laughable to watch these cretins trying to persuade us to vote yes to the Lisbon treaty re-run, there's never been more hatred of the government. Cowen, Coughlan and Lenihan the Holy Trinity of idiots who are running this country into the ground will be very lucky if they serve their full terms in office.