The Irish austerity package (confusingly dubbed a ‘recovery plan‘ by the BBC) can only be described as eye watering. But the focus on the poor while omitting any contribution from corporation tax indicates the ideological nature of this latest settest
Kevin Meagher examines the confusion over the funding behind local enterprise partnerships amidst further ambiguities in the coalition’s regional policy. Business leaders have criticised the rush to switch from regional development agencies to LEPs.
In an appearance before the Welsh Assembly’s finance committee yesterday, the Liberal Democrat’s cutter in chief, Danny Alexander, performed what can only be described as the next in a long line of Lib Dem U-turns, this time on how the devolved administrations are funded by Westminster.
Twenty four months into its economic crisis and Ireland is finally beginning to address the fundamental issues that caused its national disaster, starting with the unique Irish mentality and its parochial political system.
As with all good Budgets, it is only once the dust settles that the implications of the measures announced become clear and Scotland is no exception. Following the publication on Wednesday of the SNP government’s draft Budget, finance secretary John Swinney is facing calls from the main opposition parties to explain to parliament the government’s decision to forego its albeit limited tax varying powers.
The IMF has arrived in Dublin. Despite Minister for Justice Dermot Ahern dismissing on Sunday any talk of Ireland getting a bailout from the IMF or the Stability Fund as ‘fiction’, the reality could no longer be denied on Tuesday evening as Minister for Finance, Brian Lenihan, was forced to admit that the governement was about to commence “short focused consultation” with the IMF and EU Officials.
The OECD released its latest Economic Outlook today, setting out its forecasts for developments in its member countries. It is supportive of the UK government’s fiscal tightening, describing it as “substantial but necessary”, but warns that it will, when combined with weak real income growth, mean moderate output growth over the next two years.
Left Foot Forward’s Devolution Correspondent Ed Jacobs looks at the Scottish and Welsh draft Budgets, published yesterday.
There is some good news in today’s labour market statistics. There were 2,448,000 people unemployed in the three months from July to September, down 9,000 on the figures for April to June. The number of people in employment was up 167,000 from April-June, reaching 29,189,000.
George Osborne “stands ready” to help Ireland in the midst of economic crisis. It’s the least he can do after cheerleading their disastrous economic policies as a “shining example”.
