Covid leaves €8bn hole in Irish budget

THE coronavirus pandemic has blown a €8.3billion hole in Ireland’s finances, it was revealed yesterday.

The latest exchequer returns show the Government’s Budget deficit – the difference between what it spends and what it takes in taxes – rose to €7.4billion in July, which compares to a surplus of €896million recorded in July of last year.

Overall tax revenues in July came to €4.29billion, down 18.6% or €983million compared to the same month last year.

Social protection spending was 83% or €5.3billion higher as a result of increased spending related to support schemes for workers.