Main points of IBEC's pre-Budget submission: Tax: Employers and employees' PRSI should not be raised; income tax bands and tax credits to be increased by expected rate of inflation; VAT and excise duties should not be increased.

Public Finances: Rate of increase in Government spending should be cut to 8 per cent of GNP; freeze on recruitment to the public sector; one-off funds should be earmarked to finance capital projects.

Infrastructure: Key projects must be completed while maintaining a Budget surplus; prudent borrowing but only for capital spending; incentives to encourage expansion of Public Private Partnerships; possible participation in the National Pension Reserve Fund; introduce tolls for high-volume roads.