Accountants say Budget is conservative

The Institute of Chartered Accountants in Ireland (ICAI) has described Minister Brian Cowen’s first budget as “giving a little to a lot of people”.

The institute described the overall fiscal parameters set by the Minister as particularly conservative.

ICAI chief executive Pat Costello said: “We welcome the fact that the Minister has been able to deploy additional resources in the areas of income tax relief and additional social spending without penalising enterprise and the business community.

“However, there will be considerable disappointment at the Minister’s decision not to increase the standard rate band by more in light of no movement in this area in the previous two budgets.”