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Austerity is not inevitable after the pandemic, the Finance Minister has said.
Paschal Donohoe says the country will come out the other side of the current crisis, and it will be possible to grow the economy again.
He was speaking after the latest Exchequer returns show the country’s deficit rose to just over €14 billion in February, amid continued closures of large sectors of the economy and increased Government spending.
VAT receipts are down 13% when compared to this time last year, while social protection spending was up €1.8 billion year-on-year
Newstalk Breakfast, Minister Donohoe said Ireland will beat COVID-19.
He said: “What will happen at the other side of it then is we will looking to rebuild employment and our economy.
Minister Donohoe encourages businesses to avail of supports as further restrictions take effect
The Minister for Finance, Paschal Donohoe TD, has today (Friday) encouraged businesses to avail of the range of support schemes in place to reduce the impact of new public health restrictions on their business.
Revenue continue to play a significant role in the delivery of critical Government supports to affected businesses that help to protect lives and livelihoods.
Speaking today Minister Donohoe said:
“Due to the exponential growth in the virus seen over recent days and weeks, the Government has taken the necessary step in introducing further public health restrictions to reduce the overall level of mobility across the country. This will impact many thousands of employers in our economy and I would encourage all those impacted to avail of the range of business supports which have been put in place throughout the pandemic to give businesses the best possible cha