Budget cuts of at least €3bn continue to loom

BUDGET cuts of at least €3 billion continued to loom last night as new Exchequer figures showed the tax take again slipping below target.

Revenue income for the year to the end of July left a deficit of €10.2bn, but the Finance Department insisted the situation was stabilising.

Tax receipts came in at €17.2bn — some €247 million, or 1.4% — below target for the year and down more than €1.5bn on the same period in 2009.