24 NOV 2010
The average Irish household will have to pay up £3,000 in extra taxes under a four year austerity plan required as the precondition for an EU-IMF bailout.
By Bruno Waterfield in Dublin | Telegraph
Between 2011 and 2015, the Irish government must make £8.5 billion of spending cuts and collect an additional £4.2 billion in taxation with an austerity programme that will bring Ireland's generous welfare state to an end.
There was more bad news for Ireland this morning after Standard & Poor cuts its debt rating two points as contagion threatens to spread through the rest of the euro region.
The EU has warned the fragile Irish government that it must find savings worth £5 billion next year, in what is expected to be a deeply controversial 2011 budget to be unveiled on December 7.
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