Ireland after austerity measures

Noam Stiekema

Ireland is directed to a new era – one after the austerity measures. This flies in the face of the recovering economy. The companies using the country to avoid paying taxes, however, may be the next object of government. In Dublin today, Finance Minister Michael Noonan will present the budget for next year. The financial […]

Michael Noonan

Michael NoonanIreland is directed to a new era – one after the austerity measures. This flies in the face of the recovering economy. The companies using the country to avoid paying taxes, however, may be the next object of government. In Dublin today, Finance Minister Michael Noonan will present the budget for next year. The financial plan will be the first since 2008, which are not set out tax hikes or spending cuts. He is trying to win support while looking for options to tighten corporate tax regime which is the subject of international outrage, while parallel wants to reduce income tax. After the bursting of the bubble in the real estate sector in Western Europe in Ireland performed two consecutive governments austerity measures, equivalent to about a fifth of gross domestic product (GDP). Against the background of the fastest growing economy in the Eurozone and the elections in the next 18 months Noonan is ready to release the reins news agency notes.

Last week, two candidates who are against austerity measures won two seats in parliament. This is happening against the backdrop of the economy that grows by 5% this year, and promises of Prime Minister to lower taxes. Snap elections took place, because two MPs went. In the five years to 2013 the Irish Government measures to push nearly 30 million EUR to reduce the deficit, which was 13% of GDP in 2011 Among the measures were a tax on property, charges for water and rising taxes income.

As investor confidence is restored, the cost, which is funded Irish Government reduced. Yields on 10-year government bonds fell to 1.7% compared to a peak of 14.2% in July 2011. It was lower financing costs and faster economic growth give the Finance Minister the opportunity to maneuver. If the budget for 2015 does not change, the deficit will fall to 2.4% of GDP next year from 3.7% as set for this year. Moreover, Irish GDP expanded by 7.7% yoy in the second quarter – the fastest growth in seven years.

In addition to seeking support at home, Noonan is trying to appease international outrage at the Irish tax system from which benefit multinational companies of the caliber of Google and Apple.

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