Labour would cut €2.1bn and borrow 90% to fill deficit

THE Labour Party has detailed how it would fill this year’s gaping hole in the public finances by cutting e2.1bn and borrowing the remaining 90%.

Its leader Eamon Gilmore said he does not believe the economy could cope with any more money being taken out of the system this year.

He said that if in power his party would not touch income tax rates for the bulk of workers and instead would introduce a 48% rate for those earning more than e100,000 a year.