{"id":11092,"date":"2017-06-29T14:36:20","date_gmt":"2017-06-29T14:36:20","guid":{"rendered":"https:\/\/oradeo.com\/?p=11092"},"modified":"2017-06-29T14:36:20","modified_gmt":"2017-06-29T14:36:20","slug":"varadkar-to-allocate-e1bn-extra-for-infrastructural-spending","status":"publish","type":"post","link":"https:\/\/oradeo.com\/2017\/06\/29\/varadkar-to-allocate-e1bn-extra-for-infrastructural-spending\/","title":{"rendered":"Varadkar to allocate \u20ac1bn extra for infrastructural spending"},"content":{"rendered":"<section class=\"header\" style=\"clear: both; color: #515151; font-family: Georgia, 'Times New Roman', Times, serif;\">\n<hgroup>\n<h2 style=\"margin: 0px 0px 10px; padding: 0px; line-height: 1.3em; font-weight: normal; font-size: 16px; font-family: Arial, Helvetica, sans-serif;\">Taoiseach has said Ireland\u2019s economic growth at risk if such spending not increased<\/h2>\n<\/hgroup>\n<div class=\"article-top-area\" style=\"margin: 5px 0px; font-family: 'Helvetica Neue', Helvetica, Roboto, Arial, sans-serif; font-size: 12px !important;\">\n<div class=\"time-metadata \" style=\"padding: 5px 0px; margin-top: 15px; color: #888888; font-family: DINWeb-medium, Arial, Helvetica, sans-serif;\"><time style=\"display: inline-block; padding-right: 10px;\" title=\"about 15 hours ago\">about 15 hours ago<\/time><\/div>\n<div class=\"article-metadata \" style=\"padding: 5px 0px; margin: 10px 0px;\">\n<div class=\"author\"><span class=\"byline\" style=\"display: inline-block; outline: 0px; line-height: normal; font-size: 13px; font-family: Arial, Helvetica, sans-serif; font-weight: 600; float: left; width: 496px; color: #999999;\"><a class=\"gtm-event\" style=\"color: #23517a; text-decoration-line: none; -webkit-tap-highlight-color: transparent; outline: none !important;\" href=\"https:\/\/www.irishtimes.com\/profile\/fiach-kelly-7.2585302\" data-evt-category=\"Writer Links\" data-evt-action=\"To profile from byline in article\" data-evt-label=\"Fiach Kelly\">Source<\/a><\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"article_image image-carousel\" style=\"margin: 0px 0px 24px; font-family: Arial, Helvetica, sans-serif; position: relative; width: 620px; overflow: hidden; clear: both;\">\n<p><img loading=\"lazy\" decoding=\"async\" class=\"responsive-img\" style=\"vertical-align: middle; border: 0px;\" title=\"Leo Varadkar and Paschal Donohoe are set to use the Summer Economic Statement to give effect to the Taoiseach\u2019s promise, made during the campaign for the Fine Gael leadership, for greater infrastructural spending. Photograph: Dara Mac D\u00f3naill\/The Irish Times\" src=\"https:\/\/www.irishtimes.com\/polopoly_fs\/1.3137083.1498681295!\/image\/image.jpg_gen\/derivatives\/box_620_330\/image.jpg\" alt=\"Leo Varadkar and Paschal Donohoe are set to use the Summer Economic Statement to give effect to the Taoiseach\u2019s promise, made during the campaign for the Fine Gael leadership, for greater infrastructural spending. Photograph: Dara Mac D\u00f3naill\/The Irish Times\" width=\"620\" height=\"330\" data-tablet=\"box_620_330\" data-desktop=\"box_620_330\" data-mobile=\"box_300_160\" \/><\/p>\n<p class=\"selectionShareable\" style=\"margin: 0px; font-size: 12px; line-height: 1.4em; border-bottom: 0px; max-width: 100%; font-family: DINWeb-Medium, Arial, Helvetica, sans-serif; color: #888888; -webkit-tap-highlight-color: transparent; padding: 8px 0px 0px !important;\">Leo Varadkar and Paschal Donohoe are set to use the Summer Economic Statement to give effect to the Taoiseach\u2019s promise, made during the campaign for the Fine Gael leadership, for greater infrastructural spending. Photograph: Dara Mac D\u00f3naill\/The Irish Times<\/p>\n<\/div>\n<\/section>\n<section class=\"article_body\" style=\"clear: both; color: #515151; font-family: Georgia, 'Times New Roman', Times, serif;\">\n<div id=\"share_gutter\" class=\"shareTools\" style=\"width: 28px; margin: 6px 10px 10px 0px; float: left;\">\n<div class=\"addthis_sharing_toolbox\" style=\"position: relative; float: left; display: table; clear: both;\" data-url=\"http:\/\/www.irishtimes.com\/news\/ireland\/irish-news\/varadkar-to-allocate-1bn-extra-for-infrastructural-spending-1.3137101\" data-title=\"Varadkar to allocate \u20ac1bn extra for infrastructural spending\" data-description=\"Taoiseach has said Ireland\u2019s economic growth at risk if such spending not increased\">\n<div class=\"more-tools more-tools--hidden\" style=\"box-sizing: border-box; float: left; visibility: hidden; height: 0px; max-height: 0px; opacity: 0; transition: all 0.3s ease-in-out;\"><\/div>\n<div id=\"atstbx5\" class=\"at-share-tbx-element addthis-smartlayers addthis-animated at4-show\" style=\"position: relative; margin: 0px; color: #ffffff; font-size: 0px; font-family: 'helvetica neue', helvetica, arial, sans-serif; padding: 0px; line-height: 0; display: table-header-group !important; opacity: 1 !important; animation-fill-mode: both; animation-timing-function: ease-out; animation-duration: 0.3s;\" role=\"region\" aria-labelledby=\"at-83ec3a85-54a1-435b-9397-8bd2694c063a\">\n<p>&nbsp;<\/p>\n<div class=\"at-share-btn-elements\"><a class=\"at-icon-wrapper at-share-btn at-svc-facebook\" style=\"color: inherit; -webkit-tap-highlight-color: transparent; display: inline-block; overflow: hidden; float: left; cursor: pointer; opacity: 0.8; margin: 0px 5px 5px 0px; border-radius: 0%; padding: 0px; line-height: 0; border: 0px; background-color: #3b5998; transition: all 0.2s ease-in-out; vertical-align: middle; width: 28px !important; height: 28px !important; max-width: 28px !important; max-height: 28px !important;\" tabindex=\"1\" role=\"button\"><span class=\"at4-visually-hidden\" style=\"cursor: pointer; position: static; clip: rect(1px 1px 1px 1px); padding: 0px; border: 0px; overflow: hidden; border-radius: 100%; display: block; background-repeat: no-repeat; text-align: center; pointer-events: none; height: 28px !important; width: 28px !important; line-height: 28px !important; background-size: 28px !important;\">Share to Facebook<\/span><\/a><a class=\"at-icon-wrapper at-share-btn at-svc-twitter\" style=\"color: inherit; -webkit-tap-highlight-color: transparent; display: inline-block; overflow: hidden; float: left; cursor: pointer; opacity: 0.8; margin: 0px 5px 5px 0px; border-radius: 0%; padding: 0px; line-height: 0; border: 0px; background-color: #1da1f2; transition: all 0.2s ease-in-out; vertical-align: middle; width: 28px !important; height: 28px !important; max-width: 28px !important; max-height: 28px !important;\" tabindex=\"1\" role=\"button\"><span class=\"at4-visually-hidden\" style=\"cursor: pointer; position: static; clip: rect(1px 1px 1px 1px); padding: 0px; border: 0px; overflow: hidden; border-radius: 100%; display: block; background-repeat: no-repeat; text-align: center; pointer-events: none; height: 28px !important; width: 28px !important; line-height: 28px !important; background-size: 28px !important;\">Share to Twitter<\/span><\/a><a class=\"at-icon-wrapper at-share-btn at-svc-mailto\" style=\"color: inherit; -webkit-tap-highlight-color: transparent; display: inline-block; overflow: hidden; float: left; cursor: pointer; opacity: 0.8; margin: 0px 5px 5px 0px; border-radius: 0%; padding: 0px; line-height: 0; border: 0px; background-color: #585858; transition: all 0.2s ease-in-out; vertical-align: middle; width: 28px !important; height: 28px !important; max-width: 28px !important; max-height: 28px !important;\" tabindex=\"1\" role=\"button\"><span class=\"at4-visually-hidden\" style=\"cursor: pointer; position: static; clip: rect(1px 1px 1px 1px); padding: 0px; border: 0px; overflow: hidden; border-radius: 100%; display: block; background-repeat: no-repeat; text-align: center; pointer-events: none; height: 28px !important; width: 28px !important; line-height: 28px !important; background-size: 28px !important;\">Share to Email Ap<br \/>\np<\/span><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"beacon\" style=\"display: inline-block; position: absolute; height: 995px;\"><\/div>\n<div class=\"article_bodycopy\" style=\"position: relative; color: #444444; font-size: 16.8px; line-height: 1.5em; margin-left: 40px;\">\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Taoiseach\u00a0Leo Varadkar\u00a0is to use his first budgetary set piece to allocate at least \u20ac1 billion extra towards infrastructural spending while also committing to a so-called \u201crainy day fund\u201d.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Minister for Finance\u00a0Paschal Donohoe\u00a0is set to outline the Summer Economic Statement, which will mark the beginning of the budgetary process, in the coming weeks.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Mr Varadkar and Mr Donohoe are set to use the platform to give effect to the Taoiseach\u2019s promise, made during the campaign for the\u00a0<a class=\"search\" style=\"color: #23517a; text-decoration-line: none; -webkit-tap-highlight-color: transparent; outline: none !important;\" href=\"https:\/\/www.irishtimes.com\/search\/search-7.1213540?tag_organisation=Fine%20Gael&amp;article=true\">Fine Gael<\/a>\u00a0leadership, of greater infrastructural spending.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">The exact level of infrastructural spending to be outlined in the Summer Economic Statement has yet to be determined but discussions are ongoing in Government.<\/p>\n<h4 class=\"crosshead\" style=\"margin: 0px; padding: 4px 0px 2px; color: #000000; line-height: 1.1em; font-size: 20px; font-family: DINWeb-Bold, Arial, Helvetica, sans-serif;\">Growth risk<\/h4>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Mr Varadkar has said\u00a0Ireland\u00a0risks future economic growth if such spending is not increased. He said projects such as the Dublin Metro, the M20 motorway between Cork and\u00a0Limerick\u00a0and motorways to the north and northwest of the country are needed.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">During his leadership campaign, Mr Varadkar also indicated he would not keep to former Minister for Finance Michael Noonan\u2019s plan to allocate \u20ac1 billion a year to a rainy day fund from 2019 onwards.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">However, alternative plans are being examined, such as redefining funds held by the\u00a0Irish Strategic Investment Fund\u00a0(ISIF) and the\u00a0National Treasury Management Agency\u00a0(NTMA) for so-called \u201crainy day\u201d purposes.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\"><span style=\"font-size: 16.8px;\">Such a fund is contained in the confidence-and-supply deal with\u00a0<\/span><a class=\"search\" style=\"color: #23517a; text-decoration-line: none; -webkit-tap-highlight-color: transparent; outline: none !important;\" href=\"https:\/\/www.irishtimes.com\/search\/search-7.1213540?tag_organisation=Fianna%20F%C3%A1il&amp;article=true\">Fianna F\u00e1il<\/a><span style=\"font-size: 16.8px;\">, and the party\u2019s finance spokesman Michael McGrath has reminded Fine Gael of this deal in recent weeks.<\/span><\/p>\n<h4 class=\"crosshead\" style=\"margin: 0px; padding: 4px 0px 2px; color: #000000; line-height: 1.1em; font-size: 20px; font-family: DINWeb-Bold, Arial, Helvetica, sans-serif;\">Informal discussion<\/h4>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">\u201cI have had one informal discussion with Minister Donohoe where we talked about a number of issues, but I did take the opportunity to remind him that the rainy day fund is a confidence-and-supply issue and we expect it to be established,\u201d Mr McGrath said.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Earlier this month, Mr Donohoe told the D\u00e1il the existing capital investment plan, which spans the five years between 2016 and 2021, commits to increasing spending by \u20ac5.14 billion.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Sources said this figure is likely to be revised upwards in the Summer Economic Statement in Mr Varadkar\u2019s first big policy move, with some sources mentioning a figure of above \u20ac1 billion.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Other senior Government sources, however, cautioned against estimates since talks are ongoing.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">The Taoiseach confirmed on Wednesday that there will be a \u201crainy day\u201d fund, but did not outline how it would be structured.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">\u201cThat\u2019s something we\u2019ll be working on and clarifying in the Summer Economic Statement,\u201d he said.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Mr Varadkar also said he is determined to cut income taxes in the October budget, even if that means raising other taxes.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">The Taoiseach said he is not ruling out other revenue-raising measures to pay for reductions in income taxes, and gave the previous example of increasing duties on cigarettes.<\/p>\n<h4 class=\"crosshead\" style=\"margin: 0px; padding: 4px 0px 2px; color: #000000; line-height: 1.1em; font-size: 20px; font-family: DINWeb-Bold, Arial, Helvetica, sans-serif;\">Squeeze extra money<\/h4>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Mr Varadkar also indicated he would seek to squeeze extra money from existing Government resources.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">He said he believed there could be as much as \u20ac530 million of \u201chidden fiscal space\u201d in additional savings and reallocated funds.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">Mr Varadkar\u2019s first budget will be very tight, with the so-called \u201cfiscal space\u201d &#8211; the amount of new money that can be spent &#8211; estimated be around \u20ac550 million. This figure, however, includes money that will be spent on the public sector pay deal.<\/p>\n<p class=\"no_name selectionShareable\" style=\"margin: 0px; padding: 0px 0px 1.5em; -webkit-tap-highlight-color: transparent;\">The confidence-and-supply deal commits the Government to splitting available resources on a two-thirds to one-third basis in favour of public spending over tax cuts.<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Taoiseach has said Ireland\u2019s economic growth at risk if such spending not increased about 15 hours ago Source Leo Varadkar and Paschal Donohoe are set to use the Summer Economic&#8230;<\/p>\n","protected":false},"author":22,"featured_media":11094,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[155],"tags":[],"class_list":["post-11092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Varadkar to allocate \u20ac1bn extra for infrastructural spending | Oradeo<\/title>\n<meta name=\"description\" content=\"| Varadkar to allocate \u20ac1bn extra for infrastructural spending\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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