McCreevy set to deliver sixth Budget

Minister for Finance, Charlie McCreevy, is getting ready to deliver his sixth Budget later today.

The Budget is expected to see the Government borrow more than €1bn to meet public expenditure over the next 12 months.

Modest increases in social welfare payments are also expected.

According to the latest published receipts the Government had an impressive surplus of just over €1bn for the last 12 months. The State took in €34.3bn and paid out €33.2bn.

However the Government has financial problems on the horizon, which are expected to be addressed somewhat today.

Recommendations from the benchmarking report are expected to cost the State €1bn if implemented.

There is also the promise of cash from the Government to honour the Special Savings Incentive scheme, which cost €435m this year.

Cigarettes, drink and petrol are expected to be hit and there is speculation that the horse breeding industry may be forced to pay tax for the first time since in over 30 years.

Minister McCreevy delivers his Budget from 3.45pm onwards.