Varadkar seeks to spend part of €3bn ‘rainy day’ fund on infrastructure

Money diverted as first of new policies in 10-year capital investment programme

Leo Varadkar and Paschal Donohoe: the Taoiseach signalled during his Fine Gael leadership campaign that he would accelerate infrastructural projects such as motorways and Metro North. Photograph: Dara Mac Dónaill

Leo Varadkar and Paschal Donohoe: the Taoiseach signalled during his Fine Gael leadership campaign that he would accelerate infrastructural projects such as motorways and Metro North. Photograph: Dara Mac Dónaill

The Government is to continue to set aside hundreds of millions of euro in a “rainy-day” fund even as Taoiseach Leo Varadkar diverts greater resources towards spending on infrastructural projects.

Mr Varadkar and Minister for Finance Paschal Donohoe will this week announce they will accelerate capital spending by using much of a €3 billion pot that former minister for finance Michael Noonan previously intended would be set aside. They will not, however, entirely abandon Mr Noonan’s plan to build up a fund to guard against future economic shocks, such as Brexit.

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