The need to reduce the public finances deficit is more critical than ever.
That’s the message from backbench MHK Alfred Cannan who claims that the current government has ‘lacked the leadership, inspiration and determination to bring forward the necessary changes’.
The Michael MHK claims that government spending from reserves has only fallen slightly since 2011 from £82m to a forecasted £77m this year and that if we continue at the current rate all the reserve finances will have been used within the next six to seven years, with the exception of the National Insurance Fund.
‘The public must understand that the need for deficit reduction not only remains, but is now more critical than ever,’ he said.
Mr Cannan says we need a three pronged approach encompassing revenue of around £20m, raising contributions or finding savings of £20m from public sector pensions and £30m of savings and efficiencies from government.
But he added: ‘However the money is found we must accept that sustainable public finances are a pre-requisite for economic stability and a clear deficit reduction plan must now be delivered.’