Thursday 25 May 2017

Brendan Keenan: Exchequer returns just part of recovery jigsaw

Brendan Keenan

Brendan Keenan

IT is difficult to get interested in the November Exchequer returns published yesterday, even though November is a big month for taxation, and they are the last before the Budget.

But we know pretty much what will be in the Budget, after the Government four-year plan and the associated agreement with the EU and IMF. Besides, the Exchequer returns are much as expected.

Better than expected, in fact. They confirm the picture of an economy where exports and export company profits are strong; consumer spending is better than was assumed at Budget-time last December, to judge from VAT returns; and there is still something wrong with the Department of Finance's model for predicting income tax returns.

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