20% of tax take to pay debt by 2014

AT least 20 cent of every euro paid in tax will be used to pay interest charges on the country’s national debt by 2014, according to new Department of Finance projections.

The Government borrowed €70 million a day to help run the country in 2009, which was last night branded by the opposition as “a dismal year for the Irish economy”.

Finance Minister Brian Lenihan admitted that “the challenges we now face are great”.