Wednesday, October 09 14:45:16
The Irish Fiscal Council today issued a statement in response to comments regarding the Budget made by a Labour Party TD on RTE's Prime Time yesterday.
In its statement the Council responded to comments made by Labour's Arthur Spring; in which it was said the Council were "ok" with the revised Budget target, stressing that it is not required to endorse budgetary projections, but to instead endorse the underlying macroeconomic forecasts.
Previously, the Council supported the projections underlying Budget 2014, as set out by the Department of Finance in September, which originally set a target of E3.1bn.
However, in light of the announcement of a new, lower target of E2.5bn the Council saw necessary to clarified their position by saying while forecasts are still within "endorsable range", the assessment of the appropriate fiscal stance is unchanged.
The Council noted:
"The preferred policy is to continue with the previously planned aggregate adjustment of E3.1 billion in Budget 2014."