SINN FÉIN REACTION:SINN FÉIN finance spokesman Arthur Morgan described the measures as a "stinking" Budget. "It took a completely wrong approach to the crisis facing the State." He said the Government could not continue to "nationalise debt but privatise profit".

Mr Morgan said the “criminal behaviour by the management of our financial institutions almost brought the country to its knees and required an underwriting of €440 billion by the Irish taxpayers”. The “get-out-of-jail clause given to the banks after years of reckless lending means that taxpayers are saddled with a €90 billion toxic debt”.

The Government “cynically targeted workers surviving on little over €41 a day” – families struggling to pay for childcare and to pay for their mortgage.

“They have targeted teenagers on the jobseekers’ allowance, while removing the December bonus from those in long-term receipt of social welfare will force vulnerable people into the hands of moneylenders.”