As the FT notes:
Ireland will cut welfare expenditure, slash the minimum wage, raise income tax and introduce a levy on land and property owners under a drastic austerity plan intended to put the public finances on a stable long-term footing.
Under the four-year programme, announced on Wednesday, the government intends to save â‚¬15bn ($20bn) between 2011 and 2014 — or about 4 per cent of annual economic output — with â‚¬10bn in public spending cuts and â‚¬5bn in new taxes and revenues.
But corporation tax stays at 12.5%.
Game over with tolerance for this, I say.
People in the UK deserve to be livid about this. £7 billion of our money will bail out Ireland. Not a penny went to Sheffield Forgemasters.
I could live with the loan. I understand the need for the loan. But Ireland is sticking two fingers up at the people of the Ulk in return — let’s not beat about the bush. They’re still blatantly stealing our tax base.
Osborne says he does not care. Of course he doesn’t. He still has fixations about low, flat taxes. But the people of the UK are being taken for a ride here and enough is enough.
This loan requires legislation. I sincerely hope labour opposes it for this reason. And if not they should be ashamed of themselves. UK money should not be used to bail out tax havens who impose higher taxes and welfare cuts on the people of the UK. And it’s time to say so.