Budget 2014 - It’s too early to take the soft options

Though the details of Budget 2014 will not be announced until October battle lines are already well drawn and entirely predictable.

Economic and political, not to mention social and moral, imperatives vie for attention. Pro-stimulus lobbies are at loggerheads with those who believe that this year’s budget deficit — forecast to hit €9.6bn, €6,000 for everyone in full-time employment in the country — is not sustainable on a long-term basis.

The Government hopes to be in a position to introduce a less draconian package than those of recent years, but even at this remove the troika has poured cold water on the prospect of a voter-appeasing package of reduced cuts and/or a veto on tax hikes.