April Budget (3 Viewers)

Paving the way for this weeks nastiness:
Cowen predicts 10% drop in living standards


http://www.rte.ie/news/2009/0329/economy.html


If his figures on this are anything like like the ones he's been quoting/revising/quoting/revising over the last four months it probably means a 100% drop in living standards.
 
Main points
Agency will pay less than €90bn for the assets, any shortfall to be made by a levy
This agency will purchase distressed assets valued at approximately €80 to €90 billion
A national asset management agency to be set up under the NTMA
Central Bank to be headed by Commission
Tax changes to apply from May 1st
No scope to raise excise duty on petrol or alcohol, says Lenihan
Excise duty on cigarettes to rise 25 per cent
Excise duty on diesel to rise by 5 cent
Deposit interest tax to be increased
Income levy rates to double, entry rates to be lowered
New levy on life insurance policies to be introduced
Capital gains tax to increase to 25 per cent, thresholds to fall
Mortgage interest reliefs to be curbed ahead of its abolition
Corporation tax rate of 12.5 per cent to remain unchanged
Government to cut current and capital spending by total of €.8bn this year
Government talking to industry about capital funding programme
Tax increased to generate extra €1.8bn this year
Capital allocation of €7.3bn for this year
Early child care education supplement to be halved this year, abolished in 2010
Child benefit will be means tested from next year
Welfare rates will not be reduced but December bonus will not be paid this year
Public service staff aged over 50 to be allowed retire early from certain posts
Government may introduce form of property tax and carbon tax
Capital spending to be cut by €1.3bn in 2010 and €2.4bn in 2011
Government expects tax revenues of €34bn this year
Cost of servicing debt has risen to 11 per cent of revenues
Government sets borrowing target of 10.75 per cent
Levies on personal incomes to increase
Lenihan says €3.25bn adjustment required this year
Politicians’ pay to be reviewed and benchmarked against similarly sized countries
10 per cent reduction in all TDs expenses other than mileage rates
Lenihan says country must restore international confidence
State must take radical action to revive credit flows to the economy
Six steps required to stabilise economy, says Lenihan
Inflation will decline by close to 4 per cent in 2009
Government expects economy to contract 8 per cent this year
With the benefit of hindsight it is clear more should have been done to curtail the housing market boom, says Lenihan
Ireland has faced adversity in the past and prevailed, Lenihan tells Dáil
 

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