Labour ard fheis: Party’s €1.9bn rainy day fund

Labour is to announce plans for a €1.9bn rainy day fund in the event of a fresh economic downturn, a figure that falls short of Fine Gael’s €2.5bn and has been accused by Fianna Fáil of being a “pale imitation” of the opposition group’s own initiative.

Senior party figures confirmed the move to the Irish Examiner at their ard fheis in Mullingar on Saturday.

It is understood Labour’s election manifesto will include a budget stabilisation fund of up to €1.9bn when it is announced next week in order to ensure there is an “economic buffer” for the country.