Tax revenues €600m below forecasts

FINANCE Minister Brian Cowen has warned Government departments to keep within their budgets as new figures show tax revenues are €600 million below forecast.

As the public finances feel the affect of a slowing economy, exacerbated by the slump in the housing market, Mr Cowen said it was crucial that spending limits are adhered to.

The latest Exchequer returns for March show public finances have a surplus of €395m at the end of the month compared to a surplus of €2.3 billion at this stage last year.