Revenue slide on course for €3bn shortfall

THE scale of the slide in tax revenues sparked “heated” Cabinet exchanges as opposition parties accused the Government of failing to get a grip on the sudden economic downturn.

The six-monthly exchequer figures were revealed to ministers ahead of today’s public announcement, which is expected to confirm a dramatic plunge in Government funds.

Labour leader Eamon Gilmore branded it “incredible” that Taoiseach Brian Cowen was not going to explain how he intended to deal with the large fall in spending resources for a full week.