Next week we will all know the tax and social welfare details that were included in last week’s four year National Recovery Plan.

There’s little point in speculating on whether the cuts in child benefit will be 5% or 10% or whether it will be another across the board cut; or by how much unemployment benefit will be reduced. We’ll know soon enough.

The National Recovery Plan has put the country on notice that over four years, €6 billion in extra taxation must be raised and another €9 billion in government spending must be cut. However, the document unwittingly also identified what is likely to cause the failure of the Plan: the fact that the Plan ignores the on-going cost impact of the bank disaster.

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