The Regional Director of Europe and Americas Mr. Roger Acton asks:“The Future: Is there one?”
8/12/2010 15:34
A recent event organized by the ACCA (The Association of Chartered Certified Accountants) provoked intense interest when the Regional Director of Europe and Americas Mr. Roger Acton gave a speech entitled: "From doom to bloom and back again: Ireland's recent economic history explained - Is there a lesson for Cyprus?”
Mr. Acton spoke briefly about Ireland’s recent history, from the time when Ireland gained its independence from the United Kingdom in 1922, to the day of being declared a state in 1948, drawing attention to difficulties endured by Ireland in the 1960s: “even during the 70s, when the oil crisis affected state- funded services, these difficulties were ignored. Things had become particularly difficult, with unemployment rates of 20%, inflation at 10%, personal taxes at 65%, GNP at 30% and unnecessary government spending”.
“Things began to change during the mid – 90s, when National Recovery contributions were made by Social Partners and measures such as tax cuts, very low level of payments, cuts in public spending, no strike agreement, etc were adopted. The European Union also helped through the EU structural funds, through the Edinburgh Summit of 1992 €8.5bn package and through various economic and social directives. Ireland’s triumph was sealed by successful E.U Presidency terms in 1990, 1996 and 2004”.
As a result of the largely positive effects brought about by these changes, a new mentality of “We Can and We Will” emerged. “Ireland became an ideal place to live with inflation falling to 4.5% and annual development rate of 8% + - high development rates, but with an uncertain future”, Mr. Acton said. The first economic clouds became obvious in 2006 when all sectors exhibited declines of 25% and economic indicators showed negative figures. “The economic situation continued to deteriorate in 2008 and we are now living with the uncertainty of complete economic disaster”, Mr. Acton concluded.
Mr. Acton spoke briefly about Ireland’s recent history, from the time when Ireland gained its independence from the United Kingdom in 1922, to the day of being declared a state in 1948, drawing attention to difficulties endured by Ireland in the 1960s: “even during the 70s, when the oil crisis affected state- funded services, these difficulties were ignored. Things had become particularly difficult, with unemployment rates of 20%, inflation at 10%, personal taxes at 65%, GNP at 30% and unnecessary government spending”.
“Things began to change during the mid – 90s, when National Recovery contributions were made by Social Partners and measures such as tax cuts, very low level of payments, cuts in public spending, no strike agreement, etc were adopted. The European Union also helped through the EU structural funds, through the Edinburgh Summit of 1992 €8.5bn package and through various economic and social directives. Ireland’s triumph was sealed by successful E.U Presidency terms in 1990, 1996 and 2004”.
As a result of the largely positive effects brought about by these changes, a new mentality of “We Can and We Will” emerged. “Ireland became an ideal place to live with inflation falling to 4.5% and annual development rate of 8% + - high development rates, but with an uncertain future”, Mr. Acton said. The first economic clouds became obvious in 2006 when all sectors exhibited declines of 25% and economic indicators showed negative figures. “The economic situation continued to deteriorate in 2008 and we are now living with the uncertainty of complete economic disaster”, Mr. Acton concluded.
3287.99
1275.09
