Howlin: There will be no further cuts in Budget 2015

The Government's Economic Management Council has signed off on Budget 2015 and the full Cabinet is expected to do so later today.

Brendan Howlin has confirmed no further spending cuts will be announced, but has warned against expectations of any giveaway.

He said, just because Ireland has emerged from a "deep pit", it does not mean there is an abundance of money right now.

He said: "There is a very significant difference between where we thought we would be now - and that is making further expenditure reductions of €1,300m - and being able to undo some of the difficult decisions made over recent times.

"There will be no further cuts, but that's not to say that we can be profligate again, we can't and we won't be."