Load adequately spread across society
MY BUDGET: BUSINESSMAN:THE NEW measures in the Supplementary Budget were largely welcomed by the managing director of property agents CB Richard Ellis yesterday.
Guy Hollis (51), felt the Government made some hard but mostly fair decisions. “I think broadly you have to welcome it. It had to be a tough budget, and they are looking two to three years ahead, so they are not doing it in one big hit. I think it has been well thought out.”
Hollis thought the creation of the National Asset Management Agency (Nama) under the National Treasury Management Agency was a positive manoeuvre.
Under the new agency, a strong credit flow will be created by transferring assets from banks to the Nama to ensure the banks have a clean bill of health and strong balance sheets, and that uncertainty over bad debts is reduced.
“It is a good thing. It will take the indecision out of everything and allow banks to go out and borrow again and carry out a normal banking function.”
Speaking about the increases in tax income, Hollis said he felt the burden had been adequately spread across society.
“I believe it was important to broaden the tax base and in order to make that palatable those that earn the most have to pay the most, and I think that is what they have done there.”
He was happy to see that infrastructure spending would remain.“It puts people back into work and when the recession ends there is better infrastructure.”