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

The Minister informed the House that a further 1% reduction in the deficit would mean a fiscal adjustment of an additional €1.75 billion. He has stated publicly today and previously that a neutral budget would bring us below 3% of GDP - the Minister for Public Expenditure and Reform, Deputy Brendan Howlin, has done likewise. However, some estimates indicate a broadly neutral budget woud bring us closer to a figure of 2% and these differences are important. Nobody expects the Minister to announce budgetary measures yet, but we expect information on how things stand today as the deficit impacts on all of us in our approach to the budget for 2015.

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