The Government had to borrow five times more to balance its finances in the ten months to the end of October than it did in 2002 according to figures released today by the Department of Finance.
The figures showed the government €2.161 billion in deficit at the end of October. This was despite the fact that the amount spent by the government is running €1.5 billion behind schedule.
Half of the under spending is the result of lower than planned spending on infrastructure the remainder is accounted by spending on day to day services by Government departments.
The Exchequer figures show that tax revenues accruing to the government are running €340m behind schedule. The largest shortfalls are in excise duties and value added tax which between them are €450m behind target. However receipts from stamp duties are running €466m ahead of target - this is down to buoyant house sales and a large stamp duty increase imposed on bank cards and credit cards in last December's budget.
Income tax receipts are €71m behind target, oerall tax receipts are up 5% compared with this time last year. This compares with a budget day target of an 8% increase in tax revenues.
