Some really telling macro facts from Richard Curran in the SBP recently (courtesy of “Media Management” in the west of Ireland…!):
TOTAL BUDGET ADJUSTMENT SINCE 2008:
- July 2008; spending cuts of €440m announced for that year
- October 2008; budget involved a €4bn adjustment of €2bn cuts and €2bn in higher taxes
- January 2009; public sector pension levy etc = savings of €1.8bn
- April 2009; supplementary budget = additional €3.3bn adjustment
- December 2009; €4bn budget.
€14bn of an annual adjustment since mid 2008.
Add in the now promised €15bn adustment by 2014…
GRAND TOTAL BETWEEN 2008 AND 2014 = €29bn annual adjustment.
Knocked me off MY chair, thats for sure…