An increasing pension pot with an aging population, \u20ac37 billion of debt to refinance between 2027 and 2030 and the possibility of missing an EU greenhouse gas emission target resulting in a fine of between \u20ac3 billion and \u20ac28 billion are some of the problems facing our economy.<\/p>\n
This is according to an Irish Corporate Treasury and Debt Financing expert ahead of the publication of the Government’s Summer Economic Statement tomorrow.<\/p>\n
John Finn, the Managing Director of Treasury Solutions, believes Ireland is going to miss the opportunity of a generation with the extraordinary corporation tax take it has.<\/p>\n
He is concerned the growing deficit and falling surplus here could “leave us in a jam”.<\/p>\n
Speaking on RTE’s Morning Ireland he expressed his worries about a ‘repeat of the Celtic Tiger’.<\/p>\n
“We’re spending money on services and funding it by what we call extraordinary tax receipts, meaning that it’s not repeatable in the medium term,” Mr Finn said.<\/p>\n
“I think what everybody agrees is that the level of cooperation tax take from a small number of multinationals is going to run out,” he stated.<\/p>\n
In media reports over the weekend the T\u00e1naiste and Minister for Finance Simon Harris said he would look at tax cuts over the next four budgets.<\/p>\n
Mr Finn said the Government needs to look at how they want to run the country’s finances.<\/p>\n
“Is it going to be free market or is it going to be more left-of-centre socialist, we don’t need to reinvent the wheel we just need to look at who’s doing it well,” he said.<\/p>\n
“We’re a small country, 6 million people,why don’t we just take the best in class and copy them?”, he added.<\/p>\n