Cowen confirms tax hikes will be part of Budget

Cowen confirms tax hikes will be part of Budget

The Taoiseach Brian Cowen has given the clearest signal yet that tax hikes are on the way in December's Budget.

Mr Cowen said the international markets have to be convinced by the four-year Budget strategy that Ireland is willing to deal with fixing the public finances.

There is currently a €18bn difference between income and expenditure by the Government.

The Taoiseach said tax hikes will have to be part of the solution.

Mr Cowen said: "We have to come forward with a four-year framework to reduce the gap considerably through growth in the economy, tax increases and expenditure cuts."

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