Irish Budget 2013 round-up

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With all eyes in Britain on the Chancellor's Autumn Statement on Wednesday, Ireland's Budget announcements may have gone unnoticed. 

As the UK's fifth largest export market, some of the measures introduced by finance minister Michael Noonan may be of vested interest.

Even if not, comparisons between Ireland's battle to keep in line with their IMF terms until 2015 against the UK's Autumn Statement reports that the economy isn't going anywhere fast until at least 2018 are interesting to see. 

"We are now well on the way to recovery, so lets look forward to the future with confidence," a perhaps overly optimistic finance minister said

Ireland decided to increase taxes by €1.25bn this year and cut spending by €2bn, in their sixth austerity budget so far.

€28bn in austerity measures have been implemented by the government since 2008, which forecasters say will reduce the country's deficit  to 7.5% in 2013.

Interestingly, income tax rates remained unchanged and social welfare did not get cut, although the time limit - from 12 months to nine - did.

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