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Ireland’s Austerity Plan at a glance
The Irish government has unveiled the deficit reduction plan required for its EU and IMF bail-out, revealing deep cuts in spending and jobs.
The key announcements include:
* Corporation tax rate unchanged at 12.5%.
* 10bn euros (£2.5bn) of spending cuts between 2011-2014, and 5bn euros in tax rises.
* Minimum wage to be cut by one euro to 7.65 euros per hour.
* 3bn euros of cuts in public investment by 2014.
* 2.8bn euros of welfare cuts by 2014, returning spending to 2007 levels.
* Reduction of public sector pay bill by 1.2bn euros by 2014.
* Reform public sector pensions for new entrants and cut their pay by 10%.
* 24,750 cut in public sector jobs, back to 2005 level.
* VAT up from 21% to 22% in 2013, then 23% in 2014.
* Raise an extra 1.9bn euros from income tax.
* Abolition of some tax reliefs worth 755m euros.
* Real GDP to grow by an average of 2.75% from 2011 to 2014.
* Unemployment to fall from 13.5% to below 10% in 2014.
* Introduce water metering by 2014.
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