Fine Gael Budget submission announced.

[Question R24U]

Though no link to details.
Fine Gael News - FG Proposes ?340m in Job Protecting Tax Cuts + ?3.5 Billion in Savings for Budget ?09 - Kenny

Headlines:
€340m in job protecting measures.
Approx €1.16Bn tax increases.
Approx €2.3Bn in cuts.

Or roughly savings of €3bn (3.5bn - 340m) this year. Which would put the defict in the 10-11% range.

[greendove]

Would they do it if they were in govt? I wonder.

[White Horse]

"Two thirds of our savings come from spending controls, one third from new sources of tax" says Richard Bruton.

On face value that looks the correct balance.

"If we don't fix the jobs crisis we won't fix the problem in our public finances." says Enda Kenny.

A truer comments hasn't been made in the last six months.

[Question R24U]

Would they do it if they were in govt? I wonder.

They would if they could, but Labour might not let them.
Is it far too tame and the government will have to "outbid" them by at least €1.5Bn - which is their own fault in not telling FG what the target savings was.

[myk]

Sorry, it is Euro3.5bn, or can you not read your own link? Hint: it is in the headline!

[Question R24U]

Sorry, it is Euro3.5bn, or can you not read your own link? Hint: it is in the headline!

That depends how they define savings - the details have not been provided.

Spending Cuts + tax increases (ie what they call savings of €3.5bn) - tax breaks (€340m) = €3.16bn savings (ie how much is saved)

[myk]

That depends how they define savings - the details have not been provided.

Spending Cuts + tax increases (ie what they call savings of €3.5bn) - tax breaks (€340m) = €3.16bn savings (ie how much is saved)

given that there wasn't a further break down of the savings, I would assume that it is Euro3.5bn net savings.

[Question R24U]

given that there wasn't a further break down of the savings, I would assume that it is Euro3.5bn net savings.

So would idiots in the press. Nicely drafted press release, lets wait to see the details to see who's version is true.

[Question R24U]

given that there wasn't a further break down of the savings, I would assume that it is Euro3.5bn net savings.

Here is RTE's interpretation:

Fine Gael has proposed a package of €3.5bn in tax measures and cutbacks, as well as €333m in tax breaks to protect jobs in its pre-Budget submission.

So saving €3.167Bn net.

There is some merit to these suggestions:

Fine Gael wants to reduce the low rate of VAT from 13.5% to 10% for the next two years; commit to keep the current income tax rates unchanged; but would impose what it calls a 'temporary solidarity tax' on high incomes

[sandar]

well the VAT reduction is good, but I wouldnt go that far, its merit is to make sdhopping in the Republic more competitive than the north, its demerit is that such measures have been shown in the UK not to stimulate incraesed levels of consumer spemnding.
Instead of a solidarity tax, they should just clsoe some loopholes.........