Government will increase borrowing to plug shortfall

The government is preparing to increase borrowing significantly this year to make up for the shortfall in revenues from property taxes and Vat.

Ian Kehoe - avatar

Ian Kehoe

28th June, 2008

The government is preparing to increase borrowing significantly this year to make up for the shortfall in revenues from property taxes and Vat.

The budget deficit is likely to triple from its planned level of 0.9 per cent of gross domestic product (GDP) as the economy faces into the first recession since the 1980s. Cutbacks and administrative savings will be made, in a bid to keep public spending from exceeding its budgeted levels this year.

Ministers...

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