http://www.youtube.com/watch?v=67A1ZdLYhOs

TÁNAISTE EAMON GILMORE has said that a Budget adjustment of €3.1 billion is not necessary in order for the State to reach a deficit to GDP ratio of 5.1 per cent next year.

Speaking to the media ahead of a Cabinet meeting in Dublin today, Gilmore said that no figure had yet been agreed but said he has been maintaining since the summer that the Troika-mandated target could be met without taking €3.1 billion out of the economy in spending cuts and tax rises.

He said that the final figure cannot be agreed until closer to the Budget on 15 October when more economic information is available.

Speaking a short time later, his Labour colleague and Public Expenditure and Reform Minister Brendan Howlin acknowledged the difficulties created by an earlier Budget.

“Some of the projections we’re doing are less firm than normal because they’re not end of year figures. It’s going to be very difficult,” he said.

- with reporting and videos by Nicky Ryan

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