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GNP down 6.7% as Government decision run economy into ground – Morgan

26 March, 2009


Reacting to today’s CSO figures that demonstrate that Ireland's Gross National Product (GNP) is 6.7% down, Sinn Féin Finance Spokesperson Arthur Morgan TD has said disastrous Government decisions over the past six months are running the economy into the ground.

Speaking today Deputy Morgan said, "The increase in VAT, removing money from low and middle income earners and the failure to take action over jobs has had compounded our economic problems.

"The Government’s disastrous decision to increase VAT is directly related to the 4% fall in consumer spending over the past 12 months and has forced thousands of families to look north for their shopping.

"Finance Minister Brian Lenihan will have to reverse his decision in last October's budget and ultimately look towards establishing a harmonised all Ireland VAT rate in conjunction with his counterpart in the Northern Assembly.

"The Government will have to stop focusing on saving their friends in the banking sector and begin focusing on jobs. The priority must be to get Ireland back to work again." ENDS

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