BUDGET 2012 UPDATE

Our international paymasters will deign to allow the Government maintain income tax rates and welfare payments at their current levels despite reports to the contrary, according to The Sunday Business Post.

Quoting ‘high-level sources’, the newspaper says the EU/ECB/IMF Troika would agree to concessions to allow the coalition keep its Programme for Government and general election promises. However, it will still have to compensate by raising other taxes and cutting spending elsewhere in order to meet its budgetary targets.