‘Bord Snip’ boss issues warning

IRELAND is suffering an almighty economic hangover after partying through a credit-fuelled property boom but there is no more money left in the ATM to borrow, the head of the Government’s cost-cutting taskforce has warned.

As unions and employers fought over pay cuts this weekend, chairman Colm McCarthy of the body dubbed An Bord Snip Nua, also hinted there may be proposals for tax changes over the next year to help steady the economy.

In the meantime though, a return to the exorbitant state borrowing seen in the 1980s was not an option, a conference of auctioneers and valuers were told.