Labour calls for €1 extra in taxes for every euro in spending cuts

ONE euro in extra taxes should be raised for every euro cut from public spending, Labour leader Eamon Gilmore has said.

Mr Gilmore told the Dáil during yesterday’s debate that there should be an “even split between additional revenue raising and lower spending, roughly at a ratio of 50:50”, to reduce the deficit.

This places Labour at odds with their likely future coalition partners, Fine Gael, who are working towards a 75:25 ratio, meaning €3 in cuts for every €1 in new taxes.