Deficit disaster

MOST commentators focus on the €25bn Anglo Irish black hole. Of course it’s bad, but it’s a one-off.

The real disaster is our self-inflicted annual recurring €20bn fiscal black hole. Accumulate this deficit over a few years and the Anglo figures will look like small change.

In spite of all the so-called tough measures, the deficit has grown this year and the proposed €2bn cut in current expenditure in 2011 is derisory.