Lenihan set to unveil level of budget cuts tomorrow

THE massive scale of spending cuts and tax hikes to be unleashed in December’s budget will be revealed tomorrow.

Finance Minister Brian Lenihan is taking the extraordinary step of releasing the figure more than a month early following another roller-coaster day for Ireland’s economy which saw the tax take stabilise but the state’s borrowing costs hit a record high.

With speculation raging the budget “adjustment” could range from €4.5 billion to as high as €7bn.