Noonan under pressure to make extra cuts in budget

Minister for Finance Michael Noonan must make an additional €360 million from cuts or new taxes in the upcoming budget to replace lost revenue from the bank guarantee.

4th November, 2012

The Minister for Finance, Michael Noonan, will have to make an additional €360 million from cuts or new taxes in the upcoming budget to replace lost revenue from the bank guarantee as it is withdrawn next year, the Department of Finance has confirmed.

In addition, the government is also facing an escalation in costs at the Department of Education where the bill for teacher retirements and the subsequent new jobs has far exceeded estimates.

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