Daft Property - Irish Property News

State of emergency... BRIAN COWEN last night tried to get a grip on the country’s escalating economic crisis by calling an emergency October budget that looks primed to inflict deep spending cuts. The unprecedented decision to advance the budget — the centrepiece of the Dáil year — by almost two months to October 14 was sparked by shock in government circles at the collapse in tax revenues over the summer that has left the country heading for a €6 billion deficit by the year-end. The cabinet made the dramatic move as unemployment surged to a 10-year high as dole queues swelled by record amounts for the fourth month in succession. Finance Minister Brian Lenihan said the Government’s priority was to “curb spending” and this would be achieved through a “balance” of taxation, borrowing and cuts as he warned the country faced the worst economic conditions since the late 1980s. “We cannot let our state to drift into fiscal unsustainability. We have to take corrective action,” said Mr Lenihan...

Came across a great article by Shaun Connolly, Political Correspondent, on the Irish Examiner Newspaper: " Clowning around in the doleful economic circus ... ROLL up! Roll up! Marvel at the economic circus act of the Two Brians — Mr Boom and Mr Bust! Thrill as Brian Cowen — Mr Boom — hurtles through the air powered only by the overheating property explosion! Scream as Brian Lenihan — Mr Bust — plunges back down to earth as the housing bubble bursts violently in his face! Quiver as the Two Brians tremble on the high wire together, desperately trying to keep their fiscal balance with no safety net blow them. The recession started precisely four minutes late as the Taoiseach and Finance Minister delayed their entry to what, by the look on their glum little faces, could well have passed for their political funerals. With the stock market collapsing at an even faster rate than the unemployment lines were growing, it was hardly any wonder both men looked sullen as they unveiled their my...

The Irish Examiner mentions in a report today: SURGING unemployment and sliding tax returns helped blow a €5.6bn black hole in Government finances last night... The opposition’s ire focused on Mr Cowen, who had been Finance Minister up to May, rather than Mr Lenihan. Labour leader Eamon Gilmore accused Mr Cowen of “walking the country into the red”. Fine Gael finance spokesman Richard Bruton said Mr Cowen had to take personal responsibility for the scale of downturn as he had introduced four inflationary budgets designed to meet the needs of the “electoral cycle, not the economic cycle”. These budgets had used the unsustainable revenues from the property boom to “ramp up spending increases” at twice the rate of growth of the economy, Mr Bruton said. The Irish Independent paints a similar gloomy black hole picture... MINISTERS will have to cut €500m from their spending plans to pay for increased dole payments, as the property slump blows a €3bn black hole in their tax take. Departmen...