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Howlin: Less than E2bn adjustment needed

Wednesday, July 23 10:09:43

The Government today said that the adjustment in this October's Budget in new taxes and charges and cuts will be less than the E2bn previously forecast.

Speaking to reporters this morning, Minister for Public Expenditure Brendan Howlin said an exact figure for the required adjustment would have to wait until later in the year, but he said the economy had grown better than expected and that this gave the Government some leeway in getting the exchequer deficit at or under the 3pc target.

Today will see the issuing of a joint memo that will outline a general approach to Budget 15, he said.

Meanwhile, Minister for Finance Michael Noonan said the Government should be able to get the Budget deficit below 3pc by making cutbacks and tax increases of less than E2bn.

Also speaking on his way into Cabinet, the said there would be "less tax increases and less cutbacks".

However, Mr Noonan said it was too early in the year to say by how much this would be.

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