Fiscal Advisory Council chair backs ‘exceptional’ spending increases

The Irish Fiscal Advisory Council says the government’s decision to increase spending by 6.5 per cent in the budget was needed, but we’re still a long way from chasing inflation.

A 6.7 billion euro package for Budget 2023 was announced in the Summer Economic Statement yesterday.

Chairperson Sebastian Barnes says previously a 5 per cent limit was in place to monitor the growth of spending.

However he concedes we’re currently in exceptional circumstances……

Of that 6.7 billion – there will be 2.3 billion euro in unallocated spending – it will have to accommodate any new public sector pay deal.

Co-leader of the Social Democrats and Finance Spokesperson Roisin Shortall says money is available now and should be used immediately……………

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