Hayes: Public spending cuts to fund Budget savings

The Minister of State at the Department of Finance Brian Hayes has said cuts in public spending will be used to achieve savings in December's Budget.

Mr Hayes said the target of €3.6bn required under the EU/IMF bailout deal will be secured through a reduction in public expenditure.

His comments come after the Taoiseach Enda Kenny and Tánaiste Eamon Gilmore yesterday ruled out social welfare cuts and income tax increases in the Budget.

Minister Hayes said the savings will be found "as part of the reform of public spending".