Pandemic will cause ‘divisive’ inequality, Varadkar warns

The review warned that while the fiscal buffers such as the planned consecutive budget surpluses and payments to the “rainy day fund” were gone – and likely to be replaced by significant multi-annual borrowings – risks to the economy that existed before Covid-19 still remained.

Mr Donohoe said measures under the financial emergency legislation continued to be necessary given the overall economic conditions in the State, national competitiveness and exchequer commitments in respect of public service pay and pensions.Various pieces of financial emergency legislation introduced after the economic crash a decade ago underpinned cuts to public service pay and pensions.

The review says in the first instance the additional expenditure required to deal with the pandemic would be met through an increased Government deficit and national debt.

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