Government to slash growth forecasts for next year, warns Donohoe

Minister for Finance Paschal Donohoe will say the reduction in purchasing power caused by inflation and increased uncertainty and weaker external demand will also see Irish-based companies hold back on investment

The Government is to slash its growth forecasts for next year as the cost of living crisis is dampening consumer confidence, Finance Minister Paschal Donohoe will tell TDs today.

A Budget day package of €6.7 billion will be unleashed on September 27, doubling the size of the tax package and increasing public expenditure to combat the cost of living crisis.