Labour: FG and FF part of a 'Celtic Tory' consensus

Labour has accused Fine Gael and Fianna Fáil of being part of a "Celtic Tory" consensus that embraces austerity at any price.

The party has released its electoral finance package which promises a €7bn adjustment to reduce the deficit to 4.8% by 2014.

It says the target date for achieving the 3% deficit must be extended to 2016 to allow room for job creation and economic recovery.

Labour said €4bn of the €7bn will be made in public savings.

Other proposals include a 1% hike to the standard VAT rate while a key measure is Eamon Gilmore's promise to renegotiate the EU/IMF deal.