Ireland unveils €15bn savings cuts

On the back of negotiations for a €85bn bailout from the EU and IMF, the measures include 24,750 public sector job cuts, €2.8bn in social welfare savings and an additional €1.9bn in income tax rises. Meanwhile, Ireland's minimum wage will be cut by €1 to €7.65 and VAT will be raised from 21% to 22% in 2013 and 24% in 2014. However, corporation tax will remain unchanged at 12.5%, with the government maintaining it is a "cornerstone of our pro-enterprise, outward-looking industrial policy". The government adds: "The tax and expenditure measures contained in this Plan will negatively ...