Covid-19 leaves State finances €9.4bn in the red

State spent an extra €10.5bn compared to last year

Minister for Finance, Paschal Donohoe TD said corporation taxes cannot be relied upon over the medium-term. Picture: Gareth Chaney/Collins

The State has run up a €9.4bn deficit so far this year to combat the impact of Covid-19.

Latest exchequer figures show tax revenues in the third quarter were down 10 per cent, or €1.4bn on the same period last year and were down 3 per cent or €1.2bn year on year;