Opposition parties blast McCreevy

Opposition parties were quick to criticise Minister McCreevy's budget. Fine Gael finance spokesman Jim Mitchell, contrasted it with the last year's budget, and said: "The question everyone is asking is - where has all the money gone?

"The deterioration is our budget versus the national income over the last 12 months is four times greater than that of the United Kingdom. Today's sad state of our nation's finances is not a problem of international confidence, it is one of homemade incompetence."

In a reference to the use of money from the social insurance fund, he added: "When Charlie McCreevy wanted to go on a diet, he did not just open the fridge, he got in the bloody thing."

The Labour Party called Mr McCreevy's package "a three card trick, and the last throw of the dice."

Labour finance spokesman Derek McDowell, also directing his comments at the Minister's decision to take £500m from the social insurance fund, said: "He cannot legally do that, he will have to change the law to do so. The Minister has used exceptional receipts to pay for his election requirements. He may not want to borrow, but he has ensured that his successors will have no option but to do so."