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FINANCE MINISTER MICHAEL Noonan has said the “patent cliff” that saw a number of well-known pharmaceutical brands go off-patent last year was one of the main reasons for a distortion in GDP.
The economy shrank by 0.3 per cent in 2013 — in spite of a predicted growth of 1.3 per cent made in March of last year.
Noonan was asked about this year’s predicted GDP rise of 2.1 per cent for 2014 as he answered questions from the Oireachtas Finance Committee on the Government’s latest Stability Programme Update this evening.
Answering a question from Fianna Fáil’s Michael McGrath, who had asked how confident the Department could be about the the accuracy of the forecast, Noonan said the patent cliff had caused “a distortion” to last year’s figures.
The Finance Minister said that the fact that drugs like Lipitor and Viagra had gone off-patent had been a major factor.
“As they go off patent, they continue to produce them and the same number of people are employed in the pharmaceutical industry,” Noonan said.
That has given us a distortion and that’s the best explanation I can give you.
Adjustment
The stability update, announced earlier this evening, says the government should be able to hit its deficit reduction target, but only if it sticks with the €2 billion adjustment planned for Budget 2015.
The document will be submitted to the European Commission by the end of the month.
Noonan was also asked what this evening’s announcement would mean for middle-income taxpayers, after a number of Cabinet members raised the prospect of Income Tax cuts in recent months.
He repeated his promise to widen income tax bands as soon as it can be afforded, in order to take people out of the higher tax bracket.
“One of the aspects of the tax code which is most un-jobs friendly at the moment is that people on relatively small incomes have to go on the high rate of tax,” Noonan said.
I’m saying that my next move in relation to tax is to address that.If I don’t have some resources what I can do will be very small, but I’m pledged to doing something.
“If there’s a lot of movement then that’s where I’ll have the emphasis in the Budget,” the Minister said, adding “that’s not inconsistent with the correction we have to make”.
If it happens that there’s a big surge in tax receipts as the year goes by, or there’s a big fall in expenditure because a lot of extra people go back to work then we’ll welcome that and we’ll take it into account when we approach the Budget.
The SPU announced today also projects that unemployment will fall to 11.5 per cent this year from its current level of 11.8 per cent — predicated on the assumption that the labour force will continue to expand.
The general government gross debt was revised upwards by two per cent.
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I was hoping it wouldn’t be true about Bill but my hope is slowly fading.
Maybe he isn’t commenting so that trial by media can kick off and he can then claim that he has no chance of getting a fair trial?
Why is this not a race issue,? All the victims so.far are white, if it was a white male and the victims were black, the riots would be in full swing
Bernard – we do not know all the victims yet as it would seem there are more to come forward.
In all fairness, most women in the US are white, so if you’re going to go out and rape a load of random women, statistically speaking, they’ll probably be white.
This analysis is inexplicably omitted from most introductory stats courses.
Most U.S. Women are white? Where’d you get that statistic?
Without knowing the actual figures, there really isn’t any doubt that the majority of people (and therefore presumably women) in the US are white. And that stands even if you exclude hispanic white people (which I wouldn’t).
Brian- It’s only from Wikipedia, cause I’m not arsed getting a better source but whatevs. It mentions the US census.
“White Americans are the racial majority, with a 77.7% share of the U.S. population, according to the 2013 U.S. Census. Hispanic and Latino Americans amount to 17.1% of the population, making up the largest minority. African Americans are the largest racial minority, amounting to 13.2% of the population. The White, non-Hispanic or Latino population make up 62.6% of the nation’s total.”
I’m starting to get confused with my maths now actually, and I’m not sure that I’m right. =/ Too many numbers.
Not looking good Bill
Not looking good indeed
Ghost dad Janice,it was ghost dad.
Nor is Janice these days – ‘twould be like sleeping with Steven Tyler …
Was he too good to be true I wonder?.
He always looked so smug. Does this make him a rapist?. Janet Dickinson not too stable herself.
Only time will tell.
Of course Mary, I totally forgot that only well adjusted stable people get raped. People who are not too stable never do. And no looking smug does not make you a rapist.
“He always looked so smug. Does this make him a rapist?”
No – pretty sure it’s raping that makes someone a rapist.
“Janet Dickinson not too stable herself.”
Ah, of course! I forgot that only stable people get raped. Amazing point.
It’s hard to doubt that many victims and I can well believe it’s true but that’s for a court to decide, kinda weird though that in his previous comedy gigs he joked about drugging women to rape them, guess art imitates life or vice versa!
Stand up link for anyone who wants to listen to it
Bill Cosby – Spanish Fly: http://youtu.be/LAorIG6MZnc
The passage of time alone would have made that sound very off-colour, but wow – it REALLY sounds bad now. Ew.
It’s a bit like that time Rolf Harris turned out to have recorded a video of the song “My Body’s Nobody’s Body But Mine” with a bunch of kids. Only not _quite_ as ironic.
Janice Dickinson didn’t even know which one of her lovers was the father of her baby, that tells us all we need to know.
Does it? How so?
So it’s ok for her to be raped?
She’s a fame hungry tramp. See I’m a celebrity series one.
You say rape, I say surprise.
It certainly wasn’t series one of I’m a celebrity
Fact, have you got a riddle for us by any chance?
Disgusting comment fact. Shame on you.
She was a top model in the earlier years and she was on america’ s next top model as a judge .
Stop feeding the troll guys, FFS.
I always thought Lisa Bonet looked uncomfortable in his company on the Cosby Show ….
Do not look at Angel Heart Pontius – it will make you feel oh so old !
Quit talking dung will ya.
Alex Ferguson is next. Tick Tock.
Libellous to say the least. In a couple of years you’d get 5 years for that
he didn’t give an address – how many Mr. Ferguson’s on the Planet …loads of them !
@the truth – there is no libel any more
“there is no libel any more”
What on earth is that supposed to mean?
He’s the Jimmy saville of nbc .
I can remember that he was always a bit too touchy feely with that girl that played his daughter. From what I can remember she fits the profile of his type of victim.
As in she was female.
no young and innocent looking and over the top pretty
It is time for Bill to pay the bill.
Cosby not payin the bill he’s gonna go to jail!
Sheeeeee and I thought I was alone…….
Anyone who makes a show as terrible as the Cosby Show, is obviously a deviant of some sort. Terrible, terrible show.
@thetruth: What part of my comment is ‘libellous’? Why could I go to jail? I didn’t threaten anyone.
Are you offended? Go tell your mammy.
Your understanding of libel is comparable to your understanding of “Reply” buttons.
Zzźing well said zozzy
I like this new Zozzy guy.
I never knew another one my childhood Heroes masked in sleaze
Is this a riddle?
have your say