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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/eu-approves-irelands-cuts-plan.jpg"><img class="alignnone size-full" title="Taoiseach Brian Cowen announced the National Recovery Plan" src="http://londonglossy.com/wp-content/uploads/2010/11/min-eu-approves-irelands-cuts-plan.jpg" alt="Taoiseach Brian Cowen announced the National Recovery Plan"/></a></p>
<p>Negotiations on a bail-out for Ireland are stepping up a gear after Europe publicly approved the Government&#8217;s 15 billion-euro savings plan.</p>
<p>EU Economics Commissioner Olli Rehn gave the thumbs up to the savage four-year budget package, which will impose three billion euro social welfare cuts, axe 25,000 public jobs and hike income tax.</p>
<p>The plan is also believed to have the backing of the International Monetary Fund, which continues to examine how much of a bail-out the country needs &#8211; 85 billion euro (£71 billion) at the last count.</p>
<p>Prime minister Brian Cowen warned that no-one could be sheltered from the government&#8217;s last-gasp economic recovery plan as he clings to power.</p>
<p>The minimum wage will be cut by one euro to 7.65 (£6.48) and in a double-whammy, income tax bands and rates will dramatically widen and increase to raise 1.9 billion euro (£1.6 billion).</p>
<p>In the public services, newly-hired workers such as teachers and nurses will be pitted colleague against colleague as they start off on 10% lower wages than current state employees.</p>
<p>The opposition, unions and rights campaigners branded the cuts a savage attack on the most vulnerable and the working poor.</p>
<p>But Mr Cowen rejected claims that the draconian blueprint targeted those on the breadline and insisted those who had the most must pay the most.</p>
<p>Step two in securing the bailout loans will be passing the six billion euro (£5.1 billion) slash-and-burn Budget for 2011 when it is unveiled next month &#8211; a potentially difficult task for the embattled Taoiseach with his razor-thin government majority.</p>
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