Opposition parties have condemned the Government's handling of the economy after Exechequer figures published yesterday showed public spending running at 21 per cent ahead of last year’s.
In a statement this morning, Ms Eithne Fitzgerald, former Labour Party minister of state for finance, said: "Charlie McCreevy's breathtaking mismanagement of the public finances . . . shows a recklessness reminiscent of the first Haughey government".
The Exchequer recorded a deficit of €112.7 million for the first four months of the year, compared with a €1,178 million surplus at the same stage last year, according to Department of Finance figures.
Ms Fitzgerald said Ireland had lost the equivalent of the price of "Bertie Bowl" in lost taxes. "Instead of a surplus on the Government finances, the latest returns suggest there will be a deficit of between one and two percentage points of GNP".
"The only logical explanation, given that employment and earnings growth have both held up well, is that tax giveaways were grossly underpriced".
Fine Gael spokesman on Finance Mr Jim Mitchell said: "For sixteen months now, current expenditure has risen at a multiple of income. Unless there is a change in Government in weeks, all the economic advances of the last ten years will be threatened.
"There is no hiding for Fianna Fáil or the PDs from these figures, which show that the trend for each of the four months in succession has worsened, with no attempt by the Government to take corrective action," he said.