Irish hit with new property tax

The Irish government has unveiled the country's sixth austerity budget since the 2008 financial crisis.

Its finance minister Michael Noonan yesterday unveiled a €3.5bn (£2.8bn) package of tax rises and spending cuts, with measures including a new property tax of 0.18 per cent of the value of a home up to €1m (£800,000).

Ireland received an €85bn bailout from the EU and the IMF in November 2011 after it crashed out of the capital markets.