THE ROLE of Taoiseach Brian Cowen in his former position as minister for finance was the main focus of attack for Fine Gael following yesterday’s release of the mid-year exchequer figures.

The party’s deputy leader and finance spokesman, Richard Bruton, said the figures showed conclusively that Mr Cowen “blew the boom” and thereby instigated the State’s worst-ever deterioration in public finances.

“Brian Cowen’s budgets have destroyed the room for manoeuvre which should now be there to meet the challenges of a recession,” he added.

“The swing from a surplus to a deficit is not due to external factors, it is not due to bad luck.

“It is down to Brian Cowen’s reckless management of the public finances over the last four years,” Mr Bruton said.

He called for reform to deliver “real efficiency” in public services, rebuild business competitiveness and eliminate waste and extravagance.

Labour’s deputy leader and finance spokeswoman Joan Burton also highlighted the Taoiseach’s role, claiming that the figures painted “a sorry picture” of Mr Cowen’s stewardship of the economy.

“Labour is calling for a three-year fiscal and economic plan to be presented to the Dáil next week that will clearly and realistically demonstrate how the public finances can be put in order over that period.

“Up to now, the Government has been ignoring the problem. It should not now switch to the other extreme by panicking and imposing swingeing cuts. This only risks making the problem worse by deepening the recession.”

Sinn Féin economic affairs spokesman Arthur Morgan said the failure of the Government to outline its strategy to deal with the situation was “farcical” and he demanded assurances there would be “no cuts in public services or social protections”.

The Government ignored warnings that revenue from construction could fluctuate, he said.