Cuts and tax hikes to be ‘far higher’ than €7.5bn

THE country faces a severe four-year package of spending cuts and tax hikes “significantly” greater than the €7.5bn already signalled, it was revealed last night.

Fine Gael finance spokesman Michael Noonan made the grim prediction after the opposition received government economic briefings.

Fine Gael, Labour and Sinn Féin were given a confidential look at the Finance Department’s predictions for the economy ahead of the December budget.