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Emergency Budget on the Horizon?


Joined
Feb 2, 2007
Messages
61
Emergency Budget on the Horizon?

Given the current state of the public finances, what are the chances of an emergency budget before the the next due one in Dec 2008?

Reading beteen the lines of both Fine Gael and Labour press releases, it seems there could be political consensus on such a move.

Fine Gael: Biggest ever slump in public finances has happened on Cowen's watch - Bruton
http://www.finegael.ie/news/index.cfm/t ... /pkey/653/

Labour: 2007 exchequer returns make nonsense of budget arithmetic - Burton
http://www.labour.ie/press/listing/1199 ... 93684.html
 

smiffy

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the-analyst2007 said:
Emergency Budget on the Horizon?

Given the current state of the public finances, what are the chances of an emergency budget before the the next due one in Dec 2008?
Zero. Even if there was any intention to cut public spending in 2008 to a lower figure than that proposed in the December Budget - which is unlikely - this could be done in any case when the revised Estimates are published and voted on in February or March, as happens every year.

If you're going to try and get a rumour going about something, at least try and know a little bit on the subject you're talking abot.
 
Joined
Feb 2, 2007
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Im glad that FG and Lab are on tune for the need for a very big re-adjustment.

There is real need for some serious fat to be burned of this beast in the next 24 months.
 

Halo

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Oct 23, 2007
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I honestly have the feeling that we wont be seeing FF for a long time after the next election.
 

kerrynorth

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Oct 5, 2005
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There won't be any mini-budget but if the scenario I have outlined comes to pass then there will most definitely be spending cutbacks in the second half of the year. After the referendum.
 

youngdan

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I have predicted that Magic Arse will be introducing this on Feb 14 for the last 3 months. He is the only one so thick that he can not see this.
 

SPN

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rockofcashel said:
Things aren't that bad .. yet
You can sing it!

Wait 'til you see the carnage that is coming in the Financial Markets this side of April ;)
 

rockofcashel

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so.. do I sell all my shares

or buy more ?

or wait till after April ?

or go borrow a gigantic amount of money and hope the banks get ripped apart in the carnage and will be unable to find my details after

or

start casing the closest supermarket to loot

Are we fukced yet ?
 

myk

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Joined
May 21, 2004
Messages
406
I doubt there will be an emergency budget, its more likely the opposition parties are trying to link Cowen with the faltering economy. While its not really his fault he certainly hasn't done any thing to help. For all his ministerial years he has very little record of achievements.
 

meriwether

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Dec 1, 2004
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12,604
myk said:
I doubt there will be an emergency budget, its more likely the opposition parties are trying to link Cowen with the faltering economy. While its not really his fault he certainly hasn't done any thing to help. For all his ministerial years he has very little record of achievements.
Oh, but it is his fault.
Because he was the architect of it, according to FF in the run up to the election.
Lets see how wonderful he is now.
 
Joined
Sep 3, 2007
Messages
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rockofcashel said:
Things aren't that bad .. yet
In many ways, they are.

The provisions for expenditure laid out in the Budget are completely out of kilter with exchequer tax returns and the slump in tax receipts continues month-on-month with no sign of slowing down.

At the end of the day, is anyone really surprised at this? When things were going good, the Department of Finance showed a complete and total inability to forecast tax returns accurately - so is it really a big shock that they can't do so now either?

An emergency budget (however necessary) would be an extraordinary admission of failure by the Government. Given FF's selfishness and past economic incompetence, they are more likely to risk ruin before admitting any guilt
 

youngdan

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That is an excellent litmus test. The number of pints is inversly proportional to the amount of wailing the wife does about lack of money.
 

adrem

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May 27, 2004
Messages
924
I think you'll find that the exchequer returns show that December was as expected and in fact the numbers came in slightly above that prediced by DofF just prior to the budget.

I don't think we are f#cked but I don't think 2008 is going to be nice.

I expect sterling to fall in value (so watch out holders of UK assets), dollar to fall in value, euro rates to increase by 25 bps, US rates to fall by 50 bps, UK rates to fall by 50 bps.

On shares - I reckon by this time next year the ISEQ will be 15%+ higher than now. Between now and then though I think there will be some serious volatility

I think commodities are going to be going north in 2008 (continuing the trend from last year). Particularly food related - and companies in that space (just look at Glanbias performance last year).

I'd look at some etfs in the food commodity and energy areas, also like alternatives like water and still like some of the emerging markets but think China might hit the wall

all just opinions - !!
 

myk

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Joined
May 21, 2004
Messages
406
meriwether said:
Oh, but it is his fault.
Because he was the architect of it, according to FF in the run up to the election.
Lets see how wonderful he is now.
No blame him and FF for wasting the boom, but they had a minor role in ending it.
 
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