Faced with a massive deficit the Irish government has revised its capital spending program for the next 6 years.
While the plan sees overall spending on infrastructure being cut by up to 40% compared to the 2007 National Development Plan (Mr Cowen says the money just is not available), it should sill provide stimulus to the economy and is less severe a cut than some commentators had predicted.
Taoiseach, Brian Cowen, said the Government’s revised €39bn capital investment programme will lead to 270,000 jobs being provided between now and 2016.
Announcing the plan yesterday, the Taoiseach confirmed that Dublin will get the Lion’s share of the activity with Metro North, the €2.5bn Dart Underground and the relocation of the Dublin Institute of Technology to a new campus going ahead. Rail links to Navan and the western rail corridor from Tuam to Claremorris have been shelved.