It is far to soon for the Government to make a commitment on tax cuts in next October’s budget because of the ongoing uncertainty over growth figures, a troika source has said.

Europe is facing a “silent crisis” unless it becomes more pro-business, more competitive and less regulatory, delegates at yesterday’s Ibec CEO conference heard.

The Taoiseach Enda Kenny has said implementing cuts to the public service pay bill through agreement would send out a message to the world that Ireland is committed to fixing it's problems.