Bloxham issue plan to rescue economy

BLOXHAM Stockbrokers says the Government should beach the EU’s borrowing guidelines and raid the National Pension Reserve Fund for up to €10 billion in order to pull the economy back from the brink of recession.

Bloxham chief economist Alan McQuaid has produced a 10 point plan which includes selling off a substantial amount of its assets including its remaining shareholding in Aer Lingus, and also the ESB and Bord Gáis to raise between €8 billion and €15bn.

The general government deficit should be increased to 5% from 3% which would increase the deficit to €9.5bn at the end of €2009 against an estimated €8bn plus for 2008, he said.