€795m ‘lost’ to economy from council budget

A colossal €795m has reportedly been lost to the Cork economy in just four years due to the dwindling spending power of its largest local authority.

According to an internal Cork County Council report, capital expenditure has dropped consistently from the heady days of the Celtic Tiger.

In 2008, the council was able to spend €464m on capital projects such as building roads, water and sewerage treatment plants along with houses.