McCreevy sounds warning on spending

CHARLIE McCREEVY yesterday warned his successor against opening the public purse strings too much after he departs for Brussels.

Signing off on a booming economy and borrowing at least €1 billion less than anticipated this year, the outgoing Minister for Finance said continued prudent management of the public finances was crucial for economic growth.

Yesterday the Department of Finance cut its forecast of the amount the Government will need to borrow to balance the books this year to €1.8bn, from the €2.8bn predicted in last December’s Budget 2004.