Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his response. There were two parts to the question I tabled, the first of which is an attempt to establish the nominal adjustment required in the budget on 15 October to deliver a deficit of 5.1%. As the Minister indicated, we are still going by the April stability programme update numbers. Given that the Minister now has the quarter 2 economic data and the end of September Exchequer returns, can the Minister confirm the adjustment required to achieve a deficit of 5.1%? I am not asking the Minister what adjustment he will propose.

The second part of the question concerns the moderation of the adjustment. There is a strong case for a modest moderation of the adjustment. I am not suggesting an adjustment of a few hundred million euro would make an enormous difference to the overall economy but it could make a significant difference to those affected by cuts in social protection, health, education and other areas. I am particularly concerned by the spending side. Spending cuts between €1.8 billion and €2 billion are deep and will hurt people severely. The Minister will take that into account but perhaps he can come back on the issue of what adjustment would deliver a deficit of 5.1% based on the current available data.

See this speech in context