‘Bankers have no right to call for welfare cuts’

HIGHLY paid officials in the Central Bank and other financial institutions have no right to argue for social welfare cuts, according to Fr Sean Healy of Social Justice Ireland.

In a scathing criticism of the bank’s support of An Bord Snip Nua’s proposals for swingeing spending cuts in the next Budget, Fr Healy said social welfare increases in recent years have led directly to a reduction of the poverty level.

In its latest quarterly economic bulletin, the Bank said social welfare payments increased by 100%, child benefits quadrupled and public sector pay doubled from 2001 to 2007.