Deficit target of 3% overly 'punitive'

SINN FÉ IN:SINN FÉIN'S finance spokesman Arthur Morgan insisted a 2014 target for reducing the deficit to 3 per cent represented an "overly punitive" approach, following his Department of Finance briefing on the economy.

The party is the only political grouping represented in the Dáil that does not accept the proposition on the basis that the target date is “too tight”.

Mr Morgan said Sinn Féin still believed the process would take six years, when asked if anything he had been told by officials might change his mind.

“No, not particularly. I still agree with the Sinn Féin strategy that if we are to set the date at 2014 I think it represents an overly-punitive approach on the people of this State and indeed on the economy of this State,” Mr Morgan said.

“And I think to allow a couple of years longer is both prudent and wise. Listen, I mean the Sinn Féin approach to this for 2016, two years longer, on a good day could be achieved sooner, but that’s depending on international factors.”

He said the party was not prepared to commit citizens “into impoverishment” and risk further economic contraction by trying to move the process too quickly. “We would prefer a more prudent approach, a more sure-footed approach, and we believe that has been singularly absent from the Government approach to date.”

Sinn Féin hoped to make its prebudget submission to the Government in the first half of November, outlining a six-year strategy.

He said the information provided by officials made clear a substantial challenge existed, although he stressed the process was confidential.

The Sinn Féin finance spokesman described his briefing as a “constructive engagement” and said he looked forward to a further meeting with officials, “hopefully even before this week is out”.

He added: “We’re engaging in a process here in good faith. We look forward to getting to the end of that process.”