The chair of the Land Development Agency John Moran has called for a mini budget to provide supports that will protect the economy and vulnerable people impacted by the pandemic.
The former secretary general of the Department of Finance told Newstalk Breakfast that it will not be a case of "being able to turn on the lights again like nothing happened" when the Covid-19 crisis is over.
There had been some significant changes to the economy. Initially people had thought that it would be like “a big snow storm” that once the snow melted they could get back to normal.
Mr Moran said there were three specific categories of people impacted by the pandemic: those who had not experienced a significant drop in income and had increased their savings; those who lost their jobs and were now on the Pandemic Unemployment Payment, and those who had been “decimated” by the crisis.
“You can’t treat them all the same.”
The economic recovery of the country will have to allow for a balancing of the books while also protecting the vulnerable, he said.
A mini budget six months after the last budget and six months before the next budget would allow the necessary changes. Ireland was now in a very different place from where it was 10 years ago. The cost of borrowing now was very low, there was no point in not borrowing when it was needed, he said.
But it was important to spend any borrowings wisely, he cautioned. Investment should be made in housing and in tourism facilities, he suggested.
