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Cowen’s emergency budget set to exacerbate the recession

30 March, 2009

Sinn Féin Deputy Leader Mary Lou McDonald MEP has today described Taoiseach Brian Cowen indications on the content of next weeks emergency budget as an “entrenchment of  bad Fianna Fail policy. Fianna Fáil squandered the boom years, now we have the same policy making in reverse. Brian Cowen’s emergency budget looks set to exacerbate the recession.”

The Sinn Féin Deputy Leader said:

“Yesterday’s one to one between the media and the Taoiseach in the Sycamore Room amounted to little more than a scene setter in advance of next weeks emergency budget. People know difficult choices and tough decisions have to be made.

“The people accept that increased taxation measures need to be sought. The hundreds and thousands of workers across the country who have either lost their jobs or are feeling the brunt of substantial pay cuts are already experiencing a severe drop in their living standards.

“So let’s get real here. Instead of bringing forward a framework and strategy for growth Brian Cowen and his government have introduced a set of non-aligned short-term initiatives, many of which are counterproductive. The government’s handling of the public finances is putting economic recovery at risk. It’s that simple.

“The only way to secure the economic future of this country is to retain existing jobs and to create new ones; to create a fair and progressive taxation system; to reduce the trade deficit and to stabilise the financial sector. Next weeks emergency budget MUST include measure to start stimulating, as well as stabilising, the economy.

“The crisis in public finance must be addressed but in a manner that is fair. Sinn Féin will tomorrow put forward what we believe are fair and effective recovery proposals. The government cannot entrench its response to the recession in cuts indefinitely. Economic stimulation and growth must be a priority.” ENDS

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