Holding money ahead of election is ‘nonsense’

FINANCE Minister Brian Cowen last night angrily denied exchequer forecasts were being “fixed” to store-up an election year war chest.

Mr Cowen was on the defensive as his department’s economic predictions were shown to be wildly out for the third year in a row.

Government borrowing was slashed from an expected €3 billion last year to €499 million as unplanned tax surges and a €700m under-spend boosted coffers.