Irish Minister For Enterprise, Trade and Employment Mary Harney has insisted that taxes will not be raised to pay for increases in public sector pay after a report from stock broking firm Goodbody called for the scrapping of the benchmarking system.
In a recent report, Goodbody highlighted the incompatibility of the benchmarking system with the currently deteriorating state of the country's public finances, and labelled the system "unjust and unaffordable" and "mad-cap". The firm believes that the government's current emphasis on expenditure will soon result in increasing pressure to raise taxes and therefore erode the low tax system that has so successfully supported the economy in recent years.
The firm has recommended a 'zero-base' budget system where each government department starts each year with empty coffers and has to argue for the amount of money it needs in funding, rather than applying for an increase on the previous year's allocation.
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