THE GOVERNMENT intends to publish a pre-budget outlook by the end of October which will provide some details of fiscal measures to be taken in 2012 as well as “medium-term” plans for the subsequent period.
A Government statement issued last night said this would follow completion of the review of expenditure currently under way.
The pre-budget outlook would “give some more detail on the nature of the fiscal consolidation measures that are to be introduced in 2012 as well as on our medium-term plans”.
Last month, the Department of Finance said a four-year “fiscal consolidation plan” would be published as part of the pre-budget outlook. This “medium-term fiscal consolidation plan” would cover the period 2012 to 2015, “in terms of the overall composition of revenue and expenditure and how we will reach our target, 3 per cent of GDP deficit by 2015”.
Government sources were reluctant to speculate at the time as to the level of detail that would be contained in the plan.
The statement last night contains no reference to any specific period.
“The pre-budget outlook will also set out updated economic and budgetary projections, taking account of the end-September exchequer returns of tax and spending and also second quarter national accounts data,” it said.
“The budget for 2012 will be presented to the Dáil in early December and will set out further detail on the consolidation measures to be introduced. It will also take account of more up-to-date economic and fiscal data, including key November tax revenue data.”
The statement said work was continuing on the comprehensive expenditure review “and also on assessing all of the emerging economic and fiscal data”.
“In the context of the comprehensive review of expenditure, reports are currently being finalised and submitted to the Department of Public Expenditure and Reform. The results . . . will set the context for public spending in 2012 and beyond.”