SlideShare une entreprise Scribd logo
1  sur  119
Télécharger pour lire hors ligne
Where to now?
Stephen Kinsella | UL
Budget2011: Where to now?
Tonight:
Budget2011: Where to now?
Midwest-Budget-The 4
  Year Plan-EU/IMF
Budget2011: Where to now?
This day, last year, this
     room, I said:
WE DID THIS
     TO OURSELVES BY
THINKING SHORT-TERM.
#BUDGET10
#BUDGET10
Capital investment
slashed
#BUDGET10
Capital investment
slashed
70 million for flood
victims
#BUDGET10
Capital investment
slashed
70 million for flood
victims
Tax breaks for
startups
#BUDGET10
Capital investment
slashed
70 million for flood
victims
Tax breaks for
startups
Credit review for
banks
#BUDGET10
Capital investment
                      Mortgage default
slashed
                      moratorium~beware!
70 million for flood
victims
Tax breaks for
startups
Credit review for
banks
#BUDGET10
Capital investment
                      Mortgage default
slashed
                      moratorium~beware!
70 million for flood
                      Carbon taxes
victims
Tax breaks for
startups
Credit review for
banks
#BUDGET10
Capital investment
                      Mortgage default
slashed
                      moratorium~beware!
70 million for flood
                      Carbon taxes
victims
                      Pension reform
Tax breaks for
                      mooted.
startups
Credit review for
banks
#BUDGET10
Capital investment
                      Mortgage default
slashed
                      moratorium~beware!
70 million for flood
                      Carbon taxes
victims
                      Pension reform
Tax breaks for
                      mooted.
startups
                      National Recovery
Credit review for
                      Bonds
banks
#BUDGET11
#BUDGET11
Capital investment
slashed, again
#BUDGET11
Capital investment
slashed, again
Current expenditure
left alone largely
#BUDGET11
Capital investment
slashed, again
Current expenditure
left alone largely
Capital expenditure
slashed
#BUDGET11
Capital investment
slashed, again
Current expenditure
left alone largely
Capital expenditure
slashed
Travel Tax
#BUDGET11
Capital investment
                      Tax breaks for
slashed, again
                      startups, again
Current expenditure
left alone largely
Capital expenditure
slashed
Travel Tax
#BUDGET11
Capital investment
                      Tax breaks for
slashed, again
                      startups, again
Current expenditure
                      Carbon taxes~No
left alone largely
Capital expenditure
slashed
Travel Tax
#BUDGET11
Capital investment
                      Tax breaks for
slashed, again
                      startups, again
Current expenditure
                      Carbon taxes~No
left alone largely
                      Pension reform?
Capital expenditure
                      mooted.
slashed
Travel Tax
#BUDGET11
Capital investment
                      Tax breaks for
slashed, again
                      startups, again
Current expenditure
                      Carbon taxes~No
left alone largely
                      Pension reform?
Capital expenditure
                      mooted.
slashed
                      Municipal bonds X
Travel Tax
THE MIDWEST
Budget2011: Where to now?
Budget2011: Where to now?
Budget2011: Where to now?
REGIONAL DEVELOPMENT IN
< 1950: agriculture
                    CONTEXT
1950-1960: Agriculture + Light industries (flour, meat, sweets)

1970+: IDA policies with Shannon Airport deliver new large
companies like Ferenka, Krups

1978: Ferenka leaves, local economy devastated: 1400 let go

1998 Krups leaves, local economy devastated: 800 let go

1990s: UL, IDA, Shannon Development and Shannon Airport
entice DELL, Vistakon, Analog, etc

2009: Dell leaves: 1900+ let go
A regional depression.




          2007                                                        2010

http://www.ronanlyons.com/wp-content/uploads/2010/02/mu25-unemp.png
Budget2011: Where to now?
Need investment, job
creation, active labour
   market policies.
Budget2011: Where to now?
Budget.
Budget2011: Where to now?
Some Context.
Budget2011: Where to now?
1 billion = 1000 million.
Budget2011: Where to now?
One more time:
Budget2011: Where to now?
1 billion = 1000 million.
Budget2011: Where to now?
1 billion
 months ago,
  these guys
were in charge.
Think of grains of salt.
 a thousand: in a pinch
 a million: in a cup,
 a billion: in a bathtub.
Total banking sector liabilities c.440bn
Think 440 bathtubs of salt.
That’s Thomond Park, filled with
bathtubs.
€85bn
€85bn
Budget2011: Where to now?
4 year plan.
uth not as good as they looked, as we see in Figure 5.3. The drama

                      Figure 5.2: Irish Government Spending and Revenues
             80,000
                                                        Revenues
             70,000                                     Spending

             60,000
 € Million




             50,000

             40,000

             30,000
                       2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                 Year
urce: CSO, National Accounts Database.
 e: The 2009 figure is a forecasted annual figure.
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000

              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000
                                                         Revenues
              70,000                                     Spending

              60,000
  € Million




              50,000
                                                                                          1/3
              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
ace, which will overhang the market for many years. Government
ending relative to GNP was growing up to 2007, and even more so if the
NP growth rates and hence tax buoyancy from, say, 2002 onwards were in
uth not as good as they looked, as we see in Figure 5.3. The dramatic

                                                                    Borrowing
                       Figure 5.2: Irish Government Spending and Revenues
              80,000

              70,000
                                                         Revenues
                                                         Spending
                                                                                          2/3
              60,000
  € Million




              50,000
                                                                                          1/3
              40,000

              30,000
                        2000 2001 2002 2003 2004 2005 2006 2007 2008 2009                       2015
                                                  Year
 urce: CSO, National Accounts Database.
ote: The 2009 figure is a forecasted annual figure.
  Irish Government Spending and Revenues.
  Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure.
                                         108
Budget2011: Where to now?
-6
                                                            -5
                                                                 -4
                                                                      -3
                                                                           -2
                                                                                -1
                                                                                     0


       Bu
         dg
            et 2
                009
                           (Oc
                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                         ece
                                 mb
                                      er 2
                                             010
                                                   )
-6
                                                            -5
                                                                 -4
                                                                      -3
                                                                           -2
                                                                                   -1
                                                                                        0


       Bu
         dg
            et 2
                009
                           (Oc
                                                                            -2.0

                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                         ece
                                 mb
                                      er 2
                                             010
                                                   )
-6
                                                            -5
                                                                 -4
                                                                      -3
                                                                           -2
                                                                                   -1
                                                                                        0


       Bu
         dg
            et 2
                009
                           (Oc
                                                                            -2.0

                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                                                           -2.1




                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                         ece
                                 mb
                                      er 2
                                             010
                                                   )
-6
                                                             -5
                                                                   -4
                                                                        -3
                                                                             -2
                                                                                     -1
                                                                                          0


       Bu
         dg
            et 2
                009
                           (Oc
                                                                              -2.0

                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                                                             -2.1




                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                                                            -5.4




                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                         ece
                                 mb
                                      er 2
                                             010
                                                   )
-6
                                                             -5
                                                                   -4
                                                                          -3
                                                                               -2
                                                                                       -1
                                                                                            0


       Bu
         dg
            et 2
                009
                           (Oc
                                                                                -2.0

                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                                                               -2.1




                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                                                            -5.4




                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                                                                   -4.1




                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                         ece
                                 mb
                                      er 2
                                             010
                                                   )
-6
                                                                -5
                                                                      -4
                                                                             -3
                                                                                  -2
                                                                                          -1
                                                                                               0


       Bu
         dg
            et 2
                009
                           (Oc
                                                                                   -2.0

                                tob
                                      er 2
                                          008
                                                 )

         Feb
               200
                  9P
                           ay
                                                                                  -2.1




                                agr
                                   eem
                                              ent
                                                 s
Su
  pp
    lem
         ent
              ary
                    Bu
                                                               -5.4




                      dg
                         et      (Ap
                                      ril 2
                                             009
                                                   )
   Bu
     dg
          et 2
              010
                     (De
                                                                      -4.1




                           cem
                                  ber
                                         200
                                                9)
  Bu
    dg
        et 2
            001
                    1 (D
                                                        -6.0




                         ece
                                 mb
                                      er 2
                                             010
                                                   )
Budget2011: Where to now?
Budget.
Budget2011: Where to now?
Not so bad.
Budget2011: Where to now?
What’s not there?
Budget2011: Where to now?
What’s next?
Social Welfare
Health
Education
Justice
Agriculture
Enterprise
Other
Social Welfare
Health
Education
Justice
Agriculture
Enterprise
Other
                 38%
Social Welfare
Health
Education
Justice
Agriculture
Enterprise
Other
                       38%




                 27%
Social Welfare
Health
Education
Justice
Agriculture
Enterprise
Other
                             38%

                 15%




                       27%
Social Welfare
Health
Education
Justice
Agriculture
Enterprise
                 4%
Other
                             38%

                 15%




                       27%
Social Welfare
Health
Education
Justice
Agriculture
                  3%
Enterprise
                 4%
Other
                             38%

                 15%




                       27%
Social Welfare
Health
Education
Justice
Agriculture        3%
                  3%
Enterprise
                 4%
Other
                              38%

                 15%




                        27%
Social Welfare
Health
Education
Justice                 10%
Agriculture        3%
                  3%
Enterprise
                 4%
Other
                                38%

                 15%




                          27%
Budget2011: Where to now?
The Four year Plan.
2011   2012   2013    2014
 Real GDP     1.75   3.25    3      2.75
 Real GNP      1     2.5     2.5    2.5
 Domestic
Consumption
  Demand       0      1      1.5    1.75

Government     -3     -2    -2.25    -2

 Investment    -6    5.25    5      5.25
  Exports      5      5     4.25     4
  Imports     2.75    3     3.25     3
BOP (%GNP)    0.25   1.5     2.5    3.5
   HICP       0.75    1     1.75    1.75
GDP Deflator   0.75    1     1.25    1.5
% Change Investment
20


10


 0


-10


-20


-30

                                                          % Change Investment
-40
      2005   2006   2007   2008   2009   2010f   2011f   2012f   2013f   2014f
% Change Investment
20


10


 0


-10


-20


-30

                                                          % Change Investment
-40
      2005   2006   2007   2008   2009   2010f   2011f   2012f   2013f   2014f
0
                          12.5
                                 25.0
                                        37.5
                                                                                       50.0
 Fin
       lan
             d9
                  1
No
      rw                                       Anglo
           ay
              9   1
Sw
  ede
      n       91
 Tur
     key
         0        0
     Jap
        an
           9      7
  Ko
     re      a9
                  7
Ma
  lay
                                               Fiscal Costs of Banking Crises, % GDP




        sia
              91
Th
     aila
         n   d9
                  7
Ur
     ugu
           ay
              02
 Ire
    lan
             d0
                  8
0
                          12.5
                                 25.0
                                        37.5
                                                                                       50.0
 Fin
       lan
             d9
                  1
No
      rw                                       Anglo
           ay
              9   1
Sw
  ede
      n       91
 Tur
     key
         0        0
     Jap
        an
           9      7
  Ko
     re      a9
                  7
Ma
  lay
                                               Fiscal Costs of Banking Crises, % GDP




        sia
              91
Th
     aila
         n   d9
                  7
Ur
     ugu
           ay
              02
 Ire
    lan
             d0
                  8
Projected Assistance,
     Bank
                           €bn

     Anglo                29.28

      AIB                  7.48

      BOI                  3.75


Irish Nationwide           5.40


      EBS                  0.35


     Total                46.26
Budget2011: Where to now?
The IMF.
€85bn
        EU/IMF
€85bn
€35bn EU/IMF
€85bn
€35bn EU/IMF
€50bn
Budget2011: Where to now?
The Four year Plan won’t
         work.
Message
Ireland’s GNP c. €130bn, Ireland’s GDP c.
160bn
Debt : GNP ratio c.140%
Growth rates: 0-2% in next 4 years
Ireland’s banking system liabilities: €440bn
Debt rates: 5.83% in next 4 years
Unsustainable debt implies eventual default/
restructuring
Budget2011: Where to now?
Budget2011: Where to now?
Reform.
Budget2011: Where to now?
Reform(s)




www.politicalreform.ie
Reform(s)

Publish full political financial accounts online, greater powers for
Standards Commission




                    www.politicalreform.ie
Reform(s)

Publish full political financial accounts online, greater powers for
Standards Commission
Reform committee system, repeal Abbeylara decision and give
committees renewed investigative powers.




                    www.politicalreform.ie
Reform(s)

Publish full political financial accounts online, greater powers for
Standards Commission
Reform committee system, repeal Abbeylara decision and give
committees renewed investigative powers.
Rebalance relationship between executive and legislature as was
intended in Article 28 of Constitution




                    www.politicalreform.ie
Reform(s)

Publish full political financial accounts online, greater powers for
Standards Commission
Reform committee system, repeal Abbeylara decision and give
committees renewed investigative powers.
Rebalance relationship between executive and legislature as was
intended in Article 28 of Constitution
Meaningful open government with stronger FOI legislation, new
whistleblower and lobbying legislation and public appointments
board.

                    www.politicalreform.ie
Reform(s)




www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers




                  www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers
Diverse representation in public life through a reformed Senand
which would encompass island of Ireland and diaspora in public
life




                   www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers
Diverse representation in public life through a reformed Senand
which would encompass island of Ireland and diaspora in public
life
Introduce gender quotas, lower voting age to 16, reform
decision making process




                   www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers
Diverse representation in public life through a reformed Senand
which would encompass island of Ireland and diaspora in public
life
Introduce gender quotas, lower voting age to 16, reform
decision making process
Change the electoral system




                   www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers
Diverse representation in public life through a reformed Senand
which would encompass island of Ireland and diaspora in public
life
Introduce gender quotas, lower voting age to 16, reform
decision making process
Change the electoral system
Definition of Republic in constitution and statement of values


                   www.politicalreform.ie
Reform(s)
Reform local government with revenue raising powers and
reform planning powers
Diverse representation in public life through a reformed Senand
which would encompass island of Ireland and diaspora in public
life
Introduce gender quotas, lower voting age to 16, reform
decision making process
Change the electoral system
Definition of Republic in constitution and statement of values
Citizens assembly to be implemented
                   www.politicalreform.ie
Budget2011: Where to now?
Budget2011: Where to now?

Contenu connexe

Tendances

Ahli bank weekly capital markets newsletter 17th 21st of march 2019
Ahli bank weekly capital markets newsletter 17th   21st of march 2019Ahli bank weekly capital markets newsletter 17th   21st of march 2019
Ahli bank weekly capital markets newsletter 17th 21st of march 2019ahli bank
 
Presentation to Institute of Directors on Q2 economic data
Presentation to Institute of Directors on Q2 economic dataPresentation to Institute of Directors on Q2 economic data
Presentation to Institute of Directors on Q2 economic datas.coffey
 
Oct Market Monitor
Oct Market MonitorOct Market Monitor
Oct Market Monitorjspeltz
 
Uk fiscal policy
Uk fiscal policyUk fiscal policy
Uk fiscal policydrowe1994
 
The Latvian Economy - No 8, November 3, 2011
The Latvian Economy - No 8, November 3, 2011The Latvian Economy - No 8, November 3, 2011
The Latvian Economy - No 8, November 3, 2011Swedbank
 
First quarter 2010
First quarter 2010First quarter 2010
First quarter 2010EDB
 
Presentation to the Chartered Institute of Housing
Presentation to the Chartered Institute of HousingPresentation to the Chartered Institute of Housing
Presentation to the Chartered Institute of HousingRichard Ramsey
 
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...Dr. Oliver Massmann
 
UK Economy Update_2019
UK Economy Update_2019UK Economy Update_2019
UK Economy Update_2019tutor2u
 
The Spring Budget: The big questions
The Spring Budget: The big questionsThe Spring Budget: The big questions
The Spring Budget: The big questionsDeloitte UK
 
Klöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co SE
 
New Home Residential View - Spring 2016
New Home Residential View - Spring 2016New Home Residential View - Spring 2016
New Home Residential View - Spring 2016Lee Layton
 
Industrial strategy master presentation
Industrial strategy master presentationIndustrial strategy master presentation
Industrial strategy master presentationbisgovuk
 
Developments in the UK Economy
Developments in the UK EconomyDevelopments in the UK Economy
Developments in the UK Economytutor2u
 
Scania Interim Report January-June 2010
Scania Interim Report January-June 2010Scania Interim Report January-June 2010
Scania Interim Report January-June 2010Scania Group
 
Release us gaap 3 q10
Release us gaap 3 q10Release us gaap 3 q10
Release us gaap 3 q10Embraer RI
 

Tendances (20)

Ahli bank weekly capital markets newsletter 17th 21st of march 2019
Ahli bank weekly capital markets newsletter 17th   21st of march 2019Ahli bank weekly capital markets newsletter 17th   21st of march 2019
Ahli bank weekly capital markets newsletter 17th 21st of march 2019
 
Presentation to Institute of Directors on Q2 economic data
Presentation to Institute of Directors on Q2 economic dataPresentation to Institute of Directors on Q2 economic data
Presentation to Institute of Directors on Q2 economic data
 
Oct Market Monitor
Oct Market MonitorOct Market Monitor
Oct Market Monitor
 
Uk fiscal policy
Uk fiscal policyUk fiscal policy
Uk fiscal policy
 
TresVista Weekly MENA 19-11-09
TresVista Weekly MENA 19-11-09TresVista Weekly MENA 19-11-09
TresVista Weekly MENA 19-11-09
 
The Latvian Economy - No 8, November 3, 2011
The Latvian Economy - No 8, November 3, 2011The Latvian Economy - No 8, November 3, 2011
The Latvian Economy - No 8, November 3, 2011
 
First quarter 2010
First quarter 2010First quarter 2010
First quarter 2010
 
Inclusive g in 2011
Inclusive g in 2011Inclusive g in 2011
Inclusive g in 2011
 
Presentation to the Chartered Institute of Housing
Presentation to the Chartered Institute of HousingPresentation to the Chartered Institute of Housing
Presentation to the Chartered Institute of Housing
 
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...
Lawyer in Vietnam Oliver Massmann THE WORLD BANK REPORT ON RETAIL TARIFF INCR...
 
UK Economy Update_2019
UK Economy Update_2019UK Economy Update_2019
UK Economy Update_2019
 
The Spring Budget: The big questions
The Spring Budget: The big questionsThe Spring Budget: The big questions
The Spring Budget: The big questions
 
Klöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 ResultsKlöckner & Co - Q2 2009 Results
Klöckner & Co - Q2 2009 Results
 
Economics Slideshow
Economics SlideshowEconomics Slideshow
Economics Slideshow
 
New Home Residential View - Spring 2016
New Home Residential View - Spring 2016New Home Residential View - Spring 2016
New Home Residential View - Spring 2016
 
Industrial strategy master presentation
Industrial strategy master presentationIndustrial strategy master presentation
Industrial strategy master presentation
 
Developments in the UK Economy
Developments in the UK EconomyDevelopments in the UK Economy
Developments in the UK Economy
 
Scania Interim Report January-June 2010
Scania Interim Report January-June 2010Scania Interim Report January-June 2010
Scania Interim Report January-June 2010
 
Market Monitor 9.11.09
Market Monitor 9.11.09Market Monitor 9.11.09
Market Monitor 9.11.09
 
Release us gaap 3 q10
Release us gaap 3 q10Release us gaap 3 q10
Release us gaap 3 q10
 

Similaire à Budget2011: Where to now?

A2 & AS Economics: UK Economy Revision Briefing
A2 & AS Economics: UK Economy Revision BriefingA2 & AS Economics: UK Economy Revision Briefing
A2 & AS Economics: UK Economy Revision Briefingtutor2u
 
The Continuing Constraints on Ireland's Public Finances
The Continuing Constraints on Ireland's Public FinancesThe Continuing Constraints on Ireland's Public Finances
The Continuing Constraints on Ireland's Public Financess.coffey
 
The Irish Economy: October 2009
The Irish Economy: October 2009The Irish Economy: October 2009
The Irish Economy: October 2009s.coffey
 
Klöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co SE
 
Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co SE
 
Threats to UK Economic Recovery
Threats to UK Economic RecoveryThreats to UK Economic Recovery
Threats to UK Economic Recoverytutor2u
 
Country profile Bahrain (by Naeem Saba)
Country profile Bahrain (by Naeem Saba)Country profile Bahrain (by Naeem Saba)
Country profile Bahrain (by Naeem Saba)Naeem Saba
 
Turkey economic report oct2012 (TheCityUK)
Turkey economic report oct2012 (TheCityUK)Turkey economic report oct2012 (TheCityUK)
Turkey economic report oct2012 (TheCityUK)Unialta
 
2009 Q1: Feature on Budget Sustainability
2009  	Q1: Feature on Budget Sustainability2009  	Q1: Feature on Budget Sustainability
2009 Q1: Feature on Budget Sustainabilityeconsultbw
 
2017 Zambia Budget analysis and highlights
2017 Zambia Budget analysis and highlights2017 Zambia Budget analysis and highlights
2017 Zambia Budget analysis and highlightsKampamba Shula
 
ICAI Practice Day Presentation
ICAI Practice Day PresentationICAI Practice Day Presentation
ICAI Practice Day Presentations.coffey
 
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705guest66dc5f
 
Electrolux Interim Report Q2 2010 Presentation
Electrolux Interim Report Q2 2010 PresentationElectrolux Interim Report Q2 2010 Presentation
Electrolux Interim Report Q2 2010 PresentationElectrolux Group
 
Klöckner & Co - Q2 Results 2010
Klöckner & Co - Q2 Results 2010Klöckner & Co - Q2 Results 2010
Klöckner & Co - Q2 Results 2010Klöckner & Co SE
 
Ireland's Public Debt Crisis
Ireland's Public Debt CrisisIreland's Public Debt Crisis
Ireland's Public Debt Crisiss.coffey
 
Klöckner & Co - Roadshow Presentation January 2011
Klöckner & Co - Roadshow Presentation January 2011Klöckner & Co - Roadshow Presentation January 2011
Klöckner & Co - Roadshow Presentation January 2011Klöckner & Co SE
 
From €3 billion to €6 billion
From €3 billion to €6 billionFrom €3 billion to €6 billion
From €3 billion to €6 billions.coffey
 

Similaire à Budget2011: Where to now? (20)

A2 & AS Economics: UK Economy Revision Briefing
A2 & AS Economics: UK Economy Revision BriefingA2 & AS Economics: UK Economy Revision Briefing
A2 & AS Economics: UK Economy Revision Briefing
 
Varma's Financial Statement 2020
Varma's Financial Statement 2020Varma's Financial Statement 2020
Varma's Financial Statement 2020
 
The Continuing Constraints on Ireland's Public Finances
The Continuing Constraints on Ireland's Public FinancesThe Continuing Constraints on Ireland's Public Finances
The Continuing Constraints on Ireland's Public Finances
 
The Irish Economy: October 2009
The Irish Economy: October 2009The Irish Economy: October 2009
The Irish Economy: October 2009
 
Klöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 ResultsKlöckner & Co - Full Year 2010 Results
Klöckner & Co - Full Year 2010 Results
 
Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011Klöckner & Co - Global Resources Conference 2011
Klöckner & Co - Global Resources Conference 2011
 
Threats to UK Economic Recovery
Threats to UK Economic RecoveryThreats to UK Economic Recovery
Threats to UK Economic Recovery
 
Bank of Ireland presentation
Bank of Ireland presentationBank of Ireland presentation
Bank of Ireland presentation
 
Country profile Bahrain (by Naeem Saba)
Country profile Bahrain (by Naeem Saba)Country profile Bahrain (by Naeem Saba)
Country profile Bahrain (by Naeem Saba)
 
Turkey economic report oct2012 (TheCityUK)
Turkey economic report oct2012 (TheCityUK)Turkey economic report oct2012 (TheCityUK)
Turkey economic report oct2012 (TheCityUK)
 
2009 Q1: Feature on Budget Sustainability
2009  	Q1: Feature on Budget Sustainability2009  	Q1: Feature on Budget Sustainability
2009 Q1: Feature on Budget Sustainability
 
2017 Zambia Budget analysis and highlights
2017 Zambia Budget analysis and highlights2017 Zambia Budget analysis and highlights
2017 Zambia Budget analysis and highlights
 
ICAI Practice Day Presentation
ICAI Practice Day PresentationICAI Practice Day Presentation
ICAI Practice Day Presentation
 
Budget 2009 Perspective
Budget 2009  PerspectiveBudget 2009  Perspective
Budget 2009 Perspective
 
packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705packet_fy2006BudgetRelease020705
packet_fy2006BudgetRelease020705
 
Electrolux Interim Report Q2 2010 Presentation
Electrolux Interim Report Q2 2010 PresentationElectrolux Interim Report Q2 2010 Presentation
Electrolux Interim Report Q2 2010 Presentation
 
Klöckner & Co - Q2 Results 2010
Klöckner & Co - Q2 Results 2010Klöckner & Co - Q2 Results 2010
Klöckner & Co - Q2 Results 2010
 
Ireland's Public Debt Crisis
Ireland's Public Debt CrisisIreland's Public Debt Crisis
Ireland's Public Debt Crisis
 
Klöckner & Co - Roadshow Presentation January 2011
Klöckner & Co - Roadshow Presentation January 2011Klöckner & Co - Roadshow Presentation January 2011
Klöckner & Co - Roadshow Presentation January 2011
 
From €3 billion to €6 billion
From €3 billion to €6 billionFrom €3 billion to €6 billion
From €3 billion to €6 billion
 

Plus de Stephen Kinsella

Stock Flow Consistent Models and Agent Based Models
Stock Flow Consistent Models and Agent Based ModelsStock Flow Consistent Models and Agent Based Models
Stock Flow Consistent Models and Agent Based ModelsStephen Kinsella
 
Stock flow modelling and agent based modelling
Stock flow modelling and agent based modellingStock flow modelling and agent based modelling
Stock flow modelling and agent based modellingStephen Kinsella
 
Modeling Aggregation and Interlinkages
Modeling Aggregation and InterlinkagesModeling Aggregation and Interlinkages
Modeling Aggregation and InterlinkagesStephen Kinsella
 
Irish Times Innovation Roadshow Talk
Irish Times Innovation Roadshow TalkIrish Times Innovation Roadshow Talk
Irish Times Innovation Roadshow TalkStephen Kinsella
 
Regulation a European Perspective
Regulation a European PerspectiveRegulation a European Perspective
Regulation a European PerspectiveStephen Kinsella
 
Is Ireland the Role Model for Austerity?
Is Ireland the Role Model for Austerity?Is Ireland the Role Model for Austerity?
Is Ireland the Role Model for Austerity?Stephen Kinsella
 
Visualising Consitutional reform
Visualising Consitutional reformVisualising Consitutional reform
Visualising Consitutional reformStephen Kinsella
 
International Economics Guest Lecture
International Economics Guest LectureInternational Economics Guest Lecture
International Economics Guest LectureStephen Kinsella
 
Designing a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryDesigning a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryStephen Kinsella
 
Designing a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryDesigning a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryStephen Kinsella
 
EC4004 Economics for Business Lecture 2
EC4004 Economics for Business Lecture 2EC4004 Economics for Business Lecture 2
EC4004 Economics for Business Lecture 2Stephen Kinsella
 
US & EU Linkages: How did they contribute to the crisis?
US & EU Linkages: How did they contribute to the crisis?US & EU Linkages: How did they contribute to the crisis?
US & EU Linkages: How did they contribute to the crisis?Stephen Kinsella
 
Social Media as a Bridge between Teaching and Research
Social Media as a Bridge between Teaching and ResearchSocial Media as a Bridge between Teaching and Research
Social Media as a Bridge between Teaching and ResearchStephen Kinsella
 
A Matching Model with Friction and Multiple Criteria
A Matching Model with Friction and Multiple CriteriaA Matching Model with Friction and Multiple Criteria
A Matching Model with Friction and Multiple CriteriaStephen Kinsella
 
EC4024 Financial Economics Lecture 19L Neurofinance
EC4024 Financial Economics Lecture 19L NeurofinanceEC4024 Financial Economics Lecture 19L Neurofinance
EC4024 Financial Economics Lecture 19L NeurofinanceStephen Kinsella
 

Plus de Stephen Kinsella (20)

Stock Flow Consistent Models and Agent Based Models
Stock Flow Consistent Models and Agent Based ModelsStock Flow Consistent Models and Agent Based Models
Stock Flow Consistent Models and Agent Based Models
 
Stock flow modelling and agent based modelling
Stock flow modelling and agent based modellingStock flow modelling and agent based modelling
Stock flow modelling and agent based modelling
 
Accesstalk pdf
Accesstalk pdfAccesstalk pdf
Accesstalk pdf
 
Modeling Aggregation and Interlinkages
Modeling Aggregation and InterlinkagesModeling Aggregation and Interlinkages
Modeling Aggregation and Interlinkages
 
Irish Times Innovation Roadshow Talk
Irish Times Innovation Roadshow TalkIrish Times Innovation Roadshow Talk
Irish Times Innovation Roadshow Talk
 
Regulation a European Perspective
Regulation a European PerspectiveRegulation a European Perspective
Regulation a European Perspective
 
Is Ireland the Role Model for Austerity?
Is Ireland the Role Model for Austerity?Is Ireland the Role Model for Austerity?
Is Ireland the Role Model for Austerity?
 
Buy Limerick.
Buy Limerick.Buy Limerick.
Buy Limerick.
 
Buy Limerick.
Buy Limerick.Buy Limerick.
Buy Limerick.
 
Peer Review Guidelines
Peer Review GuidelinesPeer Review Guidelines
Peer Review Guidelines
 
Visualising Consitutional reform
Visualising Consitutional reformVisualising Consitutional reform
Visualising Consitutional reform
 
International Economics Guest Lecture
International Economics Guest LectureInternational Economics Guest Lecture
International Economics Guest Lecture
 
The Margins of Viability
The Margins of ViabilityThe Margins of Viability
The Margins of Viability
 
Designing a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryDesigning a Strategy for Economic Recovery
Designing a Strategy for Economic Recovery
 
Designing a Strategy for Economic Recovery
Designing a Strategy for Economic RecoveryDesigning a Strategy for Economic Recovery
Designing a Strategy for Economic Recovery
 
EC4004 Economics for Business Lecture 2
EC4004 Economics for Business Lecture 2EC4004 Economics for Business Lecture 2
EC4004 Economics for Business Lecture 2
 
US & EU Linkages: How did they contribute to the crisis?
US & EU Linkages: How did they contribute to the crisis?US & EU Linkages: How did they contribute to the crisis?
US & EU Linkages: How did they contribute to the crisis?
 
Social Media as a Bridge between Teaching and Research
Social Media as a Bridge between Teaching and ResearchSocial Media as a Bridge between Teaching and Research
Social Media as a Bridge between Teaching and Research
 
A Matching Model with Friction and Multiple Criteria
A Matching Model with Friction and Multiple CriteriaA Matching Model with Friction and Multiple Criteria
A Matching Model with Friction and Multiple Criteria
 
EC4024 Financial Economics Lecture 19L Neurofinance
EC4024 Financial Economics Lecture 19L NeurofinanceEC4024 Financial Economics Lecture 19L Neurofinance
EC4024 Financial Economics Lecture 19L Neurofinance
 

Dernier

CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxSaurabhParmar42
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational PhilosophyShuvankar Madhu
 
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptxSandy Millin
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and stepobaje godwin sunday
 
Human-AI Co-Creation of Worked Examples for Programming Classes
Human-AI Co-Creation of Worked Examples for Programming ClassesHuman-AI Co-Creation of Worked Examples for Programming Classes
Human-AI Co-Creation of Worked Examples for Programming ClassesMohammad Hassany
 
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfMaximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfTechSoup
 
How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17Celine George
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxKatherine Villaluna
 
What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?TechSoup
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxAditiChauhan701637
 
How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17Celine George
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.EnglishCEIPdeSigeiro
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...raviapr7
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsEugene Lysak
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptxmary850239
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxiammrhaywood
 

Dernier (20)

CAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptxCAULIFLOWER BREEDING 1 Parmar pptx
CAULIFLOWER BREEDING 1 Parmar pptx
 
Philosophy of Education and Educational Philosophy
Philosophy of Education  and Educational PhilosophyPhilosophy of Education  and Educational Philosophy
Philosophy of Education and Educational Philosophy
 
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx
2024.03.23 What do successful readers do - Sandy Millin for PARK.pptx
 
Finals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quizFinals of Kant get Marx 2.0 : a general politics quiz
Finals of Kant get Marx 2.0 : a general politics quiz
 
Prelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quizPrelims of Kant get Marx 2.0: a general politics quiz
Prelims of Kant get Marx 2.0: a general politics quiz
 
General views of Histopathology and step
General views of Histopathology and stepGeneral views of Histopathology and step
General views of Histopathology and step
 
Human-AI Co-Creation of Worked Examples for Programming Classes
Human-AI Co-Creation of Worked Examples for Programming ClassesHuman-AI Co-Creation of Worked Examples for Programming Classes
Human-AI Co-Creation of Worked Examples for Programming Classes
 
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdfMaximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
Maximizing Impact_ Nonprofit Website Planning, Budgeting, and Design.pdf
 
How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17How to Make a Field read-only in Odoo 17
How to Make a Field read-only in Odoo 17
 
UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024UKCGE Parental Leave Discussion March 2024
UKCGE Parental Leave Discussion March 2024
 
Practical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptxPractical Research 1 Lesson 9 Scope and delimitation.pptx
Practical Research 1 Lesson 9 Scope and delimitation.pptx
 
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdfPersonal Resilience in Project Management 2 - TV Edit 1a.pdf
Personal Resilience in Project Management 2 - TV Edit 1a.pdf
 
What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?What is the Future of QuickBooks DeskTop?
What is the Future of QuickBooks DeskTop?
 
In - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptxIn - Vivo and In - Vitro Correlation.pptx
In - Vivo and In - Vitro Correlation.pptx
 
How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17How to Add a New Field in Existing Kanban View in Odoo 17
How to Add a New Field in Existing Kanban View in Odoo 17
 
Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.Easter in the USA presentation by Chloe.
Easter in the USA presentation by Chloe.
 
Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...Patient Counselling. Definition of patient counseling; steps involved in pati...
Patient Counselling. Definition of patient counseling; steps involved in pati...
 
The Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George WellsThe Stolen Bacillus by Herbert George Wells
The Stolen Bacillus by Herbert George Wells
 
3.21.24 The Origins of Black Power.pptx
3.21.24  The Origins of Black Power.pptx3.21.24  The Origins of Black Power.pptx
3.21.24 The Origins of Black Power.pptx
 
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptxAUDIENCE THEORY -- FANDOM -- JENKINS.pptx
AUDIENCE THEORY -- FANDOM -- JENKINS.pptx
 

Budget2011: Where to now?

  • 1. Where to now? Stephen Kinsella | UL
  • 5. Midwest-Budget-The 4 Year Plan-EU/IMF
  • 7. This day, last year, this room, I said:
  • 8. WE DID THIS TO OURSELVES BY THINKING SHORT-TERM.
  • 12. #BUDGET10 Capital investment slashed 70 million for flood victims Tax breaks for startups
  • 13. #BUDGET10 Capital investment slashed 70 million for flood victims Tax breaks for startups Credit review for banks
  • 14. #BUDGET10 Capital investment Mortgage default slashed moratorium~beware! 70 million for flood victims Tax breaks for startups Credit review for banks
  • 15. #BUDGET10 Capital investment Mortgage default slashed moratorium~beware! 70 million for flood Carbon taxes victims Tax breaks for startups Credit review for banks
  • 16. #BUDGET10 Capital investment Mortgage default slashed moratorium~beware! 70 million for flood Carbon taxes victims Pension reform Tax breaks for mooted. startups Credit review for banks
  • 17. #BUDGET10 Capital investment Mortgage default slashed moratorium~beware! 70 million for flood Carbon taxes victims Pension reform Tax breaks for mooted. startups National Recovery Credit review for Bonds banks
  • 20. #BUDGET11 Capital investment slashed, again Current expenditure left alone largely
  • 21. #BUDGET11 Capital investment slashed, again Current expenditure left alone largely Capital expenditure slashed
  • 22. #BUDGET11 Capital investment slashed, again Current expenditure left alone largely Capital expenditure slashed Travel Tax
  • 23. #BUDGET11 Capital investment Tax breaks for slashed, again startups, again Current expenditure left alone largely Capital expenditure slashed Travel Tax
  • 24. #BUDGET11 Capital investment Tax breaks for slashed, again startups, again Current expenditure Carbon taxes~No left alone largely Capital expenditure slashed Travel Tax
  • 25. #BUDGET11 Capital investment Tax breaks for slashed, again startups, again Current expenditure Carbon taxes~No left alone largely Pension reform? Capital expenditure mooted. slashed Travel Tax
  • 26. #BUDGET11 Capital investment Tax breaks for slashed, again startups, again Current expenditure Carbon taxes~No left alone largely Pension reform? Capital expenditure mooted. slashed Municipal bonds X Travel Tax
  • 31. REGIONAL DEVELOPMENT IN < 1950: agriculture CONTEXT 1950-1960: Agriculture + Light industries (flour, meat, sweets) 1970+: IDA policies with Shannon Airport deliver new large companies like Ferenka, Krups 1978: Ferenka leaves, local economy devastated: 1400 let go 1998 Krups leaves, local economy devastated: 800 let go 1990s: UL, IDA, Shannon Development and Shannon Airport entice DELL, Vistakon, Analog, etc 2009: Dell leaves: 1900+ let go
  • 32. A regional depression. 2007 2010 http://www.ronanlyons.com/wp-content/uploads/2010/02/mu25-unemp.png
  • 34. Need investment, job creation, active labour market policies.
  • 40. 1 billion = 1000 million.
  • 44. 1 billion = 1000 million.
  • 46. 1 billion months ago, these guys were in charge.
  • 47. Think of grains of salt. a thousand: in a pinch a million: in a cup, a billion: in a bathtub. Total banking sector liabilities c.440bn Think 440 bathtubs of salt. That’s Thomond Park, filled with bathtubs.
  • 52. uth not as good as they looked, as we see in Figure 5.3. The drama Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Year urce: CSO, National Accounts Database. e: The 2009 figure is a forecasted annual figure.
  • 53. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 54. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 55. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 56. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 57. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 58. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 59. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 60. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 61. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 Revenues 70,000 Spending 60,000 € Million 50,000 1/3 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 62. ace, which will overhang the market for many years. Government ending relative to GNP was growing up to 2007, and even more so if the NP growth rates and hence tax buoyancy from, say, 2002 onwards were in uth not as good as they looked, as we see in Figure 5.3. The dramatic Borrowing Figure 5.2: Irish Government Spending and Revenues 80,000 70,000 Revenues Spending 2/3 60,000 € Million 50,000 1/3 40,000 30,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2015 Year urce: CSO, National Accounts Database. ote: The 2009 figure is a forecasted annual figure. Irish Government Spending and Revenues. Source: CSO, National Accounts Database. Note: The 2009 figure is a forecasted annual figure. 108
  • 64. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc tob er 2 008 ) Feb 200 9P ay agr eem ent s Su pp lem ent ary Bu dg et (Ap ril 2 009 ) Bu dg et 2 010 (De cem ber 200 9) Bu dg et 2 001 1 (D ece mb er 2 010 )
  • 65. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc -2.0 tob er 2 008 ) Feb 200 9P ay agr eem ent s Su pp lem ent ary Bu dg et (Ap ril 2 009 ) Bu dg et 2 010 (De cem ber 200 9) Bu dg et 2 001 1 (D ece mb er 2 010 )
  • 66. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc -2.0 tob er 2 008 ) Feb 200 9P ay -2.1 agr eem ent s Su pp lem ent ary Bu dg et (Ap ril 2 009 ) Bu dg et 2 010 (De cem ber 200 9) Bu dg et 2 001 1 (D ece mb er 2 010 )
  • 67. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc -2.0 tob er 2 008 ) Feb 200 9P ay -2.1 agr eem ent s Su pp lem ent ary Bu -5.4 dg et (Ap ril 2 009 ) Bu dg et 2 010 (De cem ber 200 9) Bu dg et 2 001 1 (D ece mb er 2 010 )
  • 68. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc -2.0 tob er 2 008 ) Feb 200 9P ay -2.1 agr eem ent s Su pp lem ent ary Bu -5.4 dg et (Ap ril 2 009 ) Bu dg et 2 010 (De -4.1 cem ber 200 9) Bu dg et 2 001 1 (D ece mb er 2 010 )
  • 69. -6 -5 -4 -3 -2 -1 0 Bu dg et 2 009 (Oc -2.0 tob er 2 008 ) Feb 200 9P ay -2.1 agr eem ent s Su pp lem ent ary Bu -5.4 dg et (Ap ril 2 009 ) Bu dg et 2 010 (De -4.1 cem ber 200 9) Bu dg et 2 001 1 (D -6.0 ece mb er 2 010 )
  • 83. Social Welfare Health Education Justice Agriculture 3% Enterprise 4% Other 38% 15% 27%
  • 84. Social Welfare Health Education Justice Agriculture 3% 3% Enterprise 4% Other 38% 15% 27%
  • 85. Social Welfare Health Education Justice 10% Agriculture 3% 3% Enterprise 4% Other 38% 15% 27%
  • 87. The Four year Plan.
  • 88. 2011 2012 2013 2014 Real GDP 1.75 3.25 3 2.75 Real GNP 1 2.5 2.5 2.5 Domestic Consumption Demand 0 1 1.5 1.75 Government -3 -2 -2.25 -2 Investment -6 5.25 5 5.25 Exports 5 5 4.25 4 Imports 2.75 3 3.25 3 BOP (%GNP) 0.25 1.5 2.5 3.5 HICP 0.75 1 1.75 1.75 GDP Deflator 0.75 1 1.25 1.5
  • 89. % Change Investment 20 10 0 -10 -20 -30 % Change Investment -40 2005 2006 2007 2008 2009 2010f 2011f 2012f 2013f 2014f
  • 90. % Change Investment 20 10 0 -10 -20 -30 % Change Investment -40 2005 2006 2007 2008 2009 2010f 2011f 2012f 2013f 2014f
  • 91. 0 12.5 25.0 37.5 50.0 Fin lan d9 1 No rw Anglo ay 9 1 Sw ede n 91 Tur key 0 0 Jap an 9 7 Ko re a9 7 Ma lay Fiscal Costs of Banking Crises, % GDP sia 91 Th aila n d9 7 Ur ugu ay 02 Ire lan d0 8
  • 92. 0 12.5 25.0 37.5 50.0 Fin lan d9 1 No rw Anglo ay 9 1 Sw ede n 91 Tur key 0 0 Jap an 9 7 Ko re a9 7 Ma lay Fiscal Costs of Banking Crises, % GDP sia 91 Th aila n d9 7 Ur ugu ay 02 Ire lan d0 8
  • 93. Projected Assistance, Bank €bn Anglo 29.28 AIB 7.48 BOI 3.75 Irish Nationwide 5.40 EBS 0.35 Total 46.26
  • 96. €85bn EU/IMF
  • 100. The Four year Plan won’t work.
  • 101. Message Ireland’s GNP c. €130bn, Ireland’s GDP c. 160bn Debt : GNP ratio c.140% Growth rates: 0-2% in next 4 years Ireland’s banking system liabilities: €440bn Debt rates: 5.83% in next 4 years Unsustainable debt implies eventual default/ restructuring
  • 107. Reform(s) Publish full political financial accounts online, greater powers for Standards Commission www.politicalreform.ie
  • 108. Reform(s) Publish full political financial accounts online, greater powers for Standards Commission Reform committee system, repeal Abbeylara decision and give committees renewed investigative powers. www.politicalreform.ie
  • 109. Reform(s) Publish full political financial accounts online, greater powers for Standards Commission Reform committee system, repeal Abbeylara decision and give committees renewed investigative powers. Rebalance relationship between executive and legislature as was intended in Article 28 of Constitution www.politicalreform.ie
  • 110. Reform(s) Publish full political financial accounts online, greater powers for Standards Commission Reform committee system, repeal Abbeylara decision and give committees renewed investigative powers. Rebalance relationship between executive and legislature as was intended in Article 28 of Constitution Meaningful open government with stronger FOI legislation, new whistleblower and lobbying legislation and public appointments board. www.politicalreform.ie
  • 112. Reform(s) Reform local government with revenue raising powers and reform planning powers www.politicalreform.ie
  • 113. Reform(s) Reform local government with revenue raising powers and reform planning powers Diverse representation in public life through a reformed Senand which would encompass island of Ireland and diaspora in public life www.politicalreform.ie
  • 114. Reform(s) Reform local government with revenue raising powers and reform planning powers Diverse representation in public life through a reformed Senand which would encompass island of Ireland and diaspora in public life Introduce gender quotas, lower voting age to 16, reform decision making process www.politicalreform.ie
  • 115. Reform(s) Reform local government with revenue raising powers and reform planning powers Diverse representation in public life through a reformed Senand which would encompass island of Ireland and diaspora in public life Introduce gender quotas, lower voting age to 16, reform decision making process Change the electoral system www.politicalreform.ie
  • 116. Reform(s) Reform local government with revenue raising powers and reform planning powers Diverse representation in public life through a reformed Senand which would encompass island of Ireland and diaspora in public life Introduce gender quotas, lower voting age to 16, reform decision making process Change the electoral system Definition of Republic in constitution and statement of values www.politicalreform.ie
  • 117. Reform(s) Reform local government with revenue raising powers and reform planning powers Diverse representation in public life through a reformed Senand which would encompass island of Ireland and diaspora in public life Introduce gender quotas, lower voting age to 16, reform decision making process Change the electoral system Definition of Republic in constitution and statement of values Citizens assembly to be implemented www.politicalreform.ie