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Scale of budget adjustment revised

Budget - Michael Noonan said there was a requirement to get deficit to 8.6% of GNP
Budget - Michael Noonan said there was a requirement to get deficit to 8.6% of GNP

The Minister for Finance has told the Dáil the level of adjustment in next year's budget may be higher than the anticipated €3.6 billion.

Michael Noonan said this figure was the target mentioned in the agreement with the IMF and EU, but there was also a requirement to get the deficit to 8.6% of GNP.

This might, he said, require an adjustment in the range of €3.6 - €4 billion.

But Mr Noonan said whatever the figure was; it was going to be a 'very tough' budget.