State to borrow €9bn over next three years

OPPOSITION parties have accused Finance Minister Charlie McCreevy of doing a U-turn after he confirmed the Government is to borrow €9 billion over the next three years.

Mr McCreevy said more than half the money would be spent on major capital projects, such as infrastructure.

He said the Government has decided to increase borrowing because of the lower-than-expected tax take this year. The Department of Finance has already predicted tax receipts will be €500 million below target by the end of the year.