Cuts and taxes of €3.8bn to be announced today

CUTS and extra taxes amounting to €3.8 billion in the budget are expected to be announced today as the Government sets out its four-year spending plan.

The medium-term fiscal statement will also project how Ireland expects to reach a 3% general government deficit by 2015.

But the individual breakdown of departmental cuts and tax hikes will be held back until early next month where the announcement of the main budget is itself being split into two.