Big spending increases a thing of the past: Cowen

DOUBLE-digit spending increases are now “a thing of the past” following years of rapid rises in public spending, Finance Minister Brian Cowen said yesterday.

Warning that the rate of increase in current public expenditure would have to be “much lower” than in recent years, Mr Cowen yesterday told the Fianna Fáil parliamentary party meeting that Ireland’s prosperity would now have to be protected.

In a largely pedestrian speech, Mr Cowen said the party’s ambitious investment plans could only be implemented if a responsible fiscal policy characterised by balanced budgets and lower rates of growth in public spending are followed.