UK REPORT OPTIMISTIC ON IRISH PROSPECTS - The Finance Minister Michael Noonan says the Government will bring out a three- to four-year plan - sometime next month - that will show people what kind of spending cuts and tax increases will be required from the start of next year until the Government gets to its target of a deficit of less than 3% in 2015.
He said the Government hopes that by 2014 most of the pain will have been endured and the country will have a strongly growing economy again, with people going back to work.
This comes as a recent report on the Irish economy forecasts GDP growth of close to 2% this year, getting up to 4% by 2013.
Douglas McWilliams of the Centre for Economic and Business Research in London, who co-wrote the report, said inward investment and exports would be the main factors in the Irish performance. He said the Finance Minister may be deliberately downplaying expectations.
Mr McWilliams said people would still need to buy IT, electronics and pharmaceuticals - Ireland's strongest export areas - and a slowdown in the world economy would have less effect on these sectors.
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NEWS AND CURRENCIES - Aer Lingus has reported a slight increase in passenger numbers in August, with growth on short-haul routes more than offsetting the effects of Hurricane Irene on its US routes at the end of the month.
For the first eight months of 2011, however, total passenger numbers are down 1.4% from a year earlier, while the load factor fell 2.4 points to 76.1%.
On the currency markets this morning, the euro is trading at $1.4056 cents and 87.92p sterling.
