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TODAY MARKED THE second day of Budget 2012, as finance minister Michael Noonan announced measures to raise €1.6 billion in new tax and revenue incomes.
Yesterday, Minister for Public Expenditure and Reform, Brendan Howlin, announced the government’s plans to public spending by €2.2 billion, with a €1.4 billion cut in day-to-day State spending.
While Noonan had to raise €1.6 billion, his task was softened by a ‘carry-over’ of around €600m from existing measures – meaning his tasks were only to raise €1 billion, with some €670m coming from the long-expected VAT hike.
Here are the main details from Michael Noonan’s Budget 2012 speech:
The pre-budget leaks:
Yesterday, Minister Howlin announced a number of cost-saving measures, including a standardising of child benefit payments; an increase in the student registration fee; a cut in the back to school allowance for the parents of children aged between 4 and 11; the closure of 31 garda stations; and jobseekers’ benefit being paid out for a five rather than six day working week.
Additional reporting by Hugh O’Connell and Aoife Barry
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