Budget is ‘tough but fair’, says IBEC

Employers' group IBEC has described the Budget as “tough, competent and fair”.

Finance Minister Brian Lenihan announced this afternoon that the income levy would be doubled and capital gains tax increased as part of a range of measures aimed at saving the exchequer billions of euro.

IBEC Director General Turlough O'Sullivan said the burden was being evenly shared:

“Everybody is taking pain - we expected to take pain and I think that is what was required,” Mr O’Sullivan said.

“I think people will be relieved that it's out of the way and that we can now get down hopefully to restoring stability to the economy.

“I have no doubt it will send out a positive signal to the international community which is extremely important for Ireland's reputation.”