An emergency budget - It’s time for leadership, not politics

YESTERDAY’S announcement by Finance Minister Brian Lenihan that he is to introduce the 2009 budget in October, two months ahead of schedule, is an appropriate first response to the challenges presented by our rapidly deteriorating economy.

Two sets of figures published over the past 48 hours left little room for complacency. On Tuesday, exchequer returns recorded plummeting tax revenues and indicated that the Government shortfall for the year could well pass €5 billion.

Less than two months ago the Government projected a shortfall of €3bn, and if the projections used to shape October’s budget are as inaccurate as those July hopes we are indeed facing interesting times.