Ten more years of Irish austerity, warns economist

A senior economist has warned Ireland that it faces ten more years of austerity budgets - while he himself packs his things for a new post in the UK.

Professor Richard Tol yesterday warned that the country will face a further 10 years of austerity as Ireland continues to pay back debt, while he urged young families to move abroad. Mr Tol is leaving the Economic and Social Research Institute (ESRI) for a new position as head of economics at Sussex University in England.

"Ireland is facing ten years of austerity. Leaving the country is the best thing you can do if you are responsible for a young family," Mr Tol said last night. "After 2015/2016 we will have an enormous debt to pay down."

The economist also let out a few parting shots at the ESRI by claiming that the organisation is not transparent over its funding, citing a lack of "independence".

"The ESRI is being held back by not being able to carry out certain research because no one was prepared to fund us. The independence was also compromised by the fact it got so much of its funding from government.

"This could manfiest itself in the way the research it conduct is put into the public domain."

Sigh... have you got any good news at all for us, Mr Tol? Oh wait, he's gone...