Noonan: Tax hikes cannot be ruled out

A NEW round of income tax hikes have not been ruled out, Finance Minister Michael Noonan has signalled.

The tax threat emerged as struggling homeowners were braced for another rise in mortgage rates as the European Central Bank (ECB) was thought likely to approve a 0.25% hike in July.

Mr Noonan told the Dáil he would “not rule out any tax initiative” due to the deteriorating economic situation and mammoth task of turning around the nation’s finances.