Tuesday October 20, 2020

Spending splurge replaces austerity after lessons from banking crash

Minister warns that resources are not limitless and the extra €17.4 billion for health, housing, infrastructure and more must deliver results

Aiden Corkery

Political Correspondent

13th October, 2020
Micheal McGrath, Minister for Public Expenditure and Reform, and Pascal Donohoe, Minister for Finance, on their way to deliver Budget 2021 earlier today

Austerity is dead, long live economic stimulus.

Having learned the harsh lesson from the banking crash that cutbacks only serve to further slow an ailing economy, the government has opened the tap on public spending in a bid to maintain economic activity through the twin challenges of Covid-19 and Brexit.

Warning that the spending needs to deliver results, Finance Minister Paschal Donohoe and Minister for Public Expenditure Michael McGrath have announced €17.4 billion in extra...

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