Budget pain may be felt for years

The cuts will be harsh but necessary, says business correspondent John Walsh

FINANCE Minister Michael Noonan has repeatedly said the forthcoming budget will be the hardest since the adjustment process began because “all the low hanging fruit has been plucked”.

Rising levels of public anger at bankers’ pay and pensions and the decision to bail out the banks has added to the political noise. Both are important issues but they are wrongly conflated with budget cuts.