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Budget Statement 2013

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Snippet Contents:

The focus of attention by media and individuals will be on the detail of the budget and how it will impact on people. However, to understand why cuts and increased taxes are being imposed we need to consider the big picture. The big picture is the astronomical cost of servicing the debt. Some of that debt was legitimately built up but other elements were imposed on us as a result of the bailout. We are paying slightly over €8 billion in interest. A bailout gives the impression that we are getting something and it will be something positive, but in fact it is a very expensive loan to pay for dead banks and to pay back bondholders. It pays for things we should never have incurred in the first place. For that our EU partners call us "special".
Both Government parties promised to renegotiate the debt and free up money for a stimulus. We were going to get a strategic investment that was to create tens of thousands of jobs.