INDEPENDENTS & FIANNA FÁIL MUST CLARIFY WHETHER THEY AGREE WITH 45% DEBT TO GDP RATIO

11 October 2016

The Budget includes an astonishing proposal to reduce Ireland’s Debt to GDP ratio to 45% by 2025.

Ireland has made great progress in bringing down our debt to GDP ratio in recent years from a peak of 120% to 76% in 2016. However Minister Noonan’s Budget speech contains an astonishingly conservative proposal to bypass the European Fiscal Treaty’s 60% Debt to GDP ratio with a new target of a Debt to GDP ratio of 45% by the mid 2020’s.

This proposal in the Government’s Budget makes no sense when borrowing costs are now so low and our infrastructure badly needs additional investment after the recession years. Minister Noonan’s proposal of a new Debt to GDP ratio of 45% will prevent much needed upgrades to our roads, schools and hospitals. I find it difficult to believe that Independent Ministers and Fianna Fail agreed to this.

Fianna Fail and the Independents need to clarify whether this is a personal proposal of Minister Noonan’s or did they agree the new 45% debt to GDP target.

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