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Ireland
Wednesday, January 26, 2022

Government focused on reducing national debt as Budget finalised

Minister for Public Expenditure and Reform Michael McGrath has stated that the government is focused on reducing Ireland’s national debt as the Budget is finalised.

McGrath stated that although the government welcomes the reduction, a lot of uncertainty remains.

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Speaking on RTÉ’s The Week in Politics, McGrath stated that the €7 billion improvement projected in the deficit indicates that the economy is rebounding strongly due to the extent of pandemic support the government has provided to the economy.

McGrath stated that there is “a lot of uncertainty…and the easiest thing to do (would be for the Finance Minister) to go on a splurge and spend the improved deficit outturn”.

He added that with a deficit of over €13 billion, it is “not a bad thing for our children and for future generations” if it can be reduced faster.

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Expressing satisfaction towards the overall package of €4.7 billion, McGrath said that it would allow “for really significant progress in housing, healthcare childcare, in tackling climate action and the very real cost of living pressures that people are addressing at this time”.

He added that the Budget will be progressive and will seek to improve living standards and is predominantly focused on working towards both economic and social recovery.

IMAGE – “File:Dáil Éireann – Election of Taoiseach – 27 June 2020 (50051632532).jpg” by Houses of the Oireachtas from Ireland is licensed under CC BY 2.0

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