The Construction Industry Federation (CIF) has slammed Dublin City Council’s decision. earlier this week, to cut capital spending by €330m over the next three years.

Speaking on behalf of the Dublin Branch of the CIF, Martin Whelan described the decision as a "retrograde step for the communities affected and one that will inevitably lead to job losses amongst contracting companies within the City".

The CIF Director said: "A number of badly needed infrastructure projects will be affected, including the regeneration of Cork Street and improvement projects in Rialto, Inchicore and Smithfield."

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Mr Whelan described the move as a "huge blow" to Dublin-based contracting companies, which he said are already experiencing "severe difficulties" due to reductions in the number of public and private infrastructure projects.

"Many contracting companies have been forced to let workers go and more job losses will result from this decision," he suggested.

"There is a significant cost to Dublin resulting from this decision, both in terms of the loss of benefits from the projects that now won’t be started and the higher cost of building projects in the future due to the diminished capacity within the industry.

"There’s also a huge cost to the Irish economy," added Mr Whelan.