IRELAND – a financial nightmare

When the Republic’s exchequer borrowing requirement of €18.8 billion is added to the £16 billion annual net transfer from London to the 6 counties of Northern Ireland, the potential catastrophy of the withdrawal of foreign support is frightening. 32% of the workforce in Northern Ireland is in the public sector.The UK budget deficit of 13% of GDP is a prime target for cutting, the only question is when? It will start later this year and both Labour and the Tories agree that the cuts will be severe as they will have to be for the British to retain their AAA rating by the agencies.

Supernationaisits should be asked how is this financial problem gling to be tackled in their dreams of independence. Living beyond your means limits options. Not a good thing.