Tuesday 17 October 2017

Government might be hoping for the best as tax revenues slow

All this feel-good talk about the public finances is not based on what the actual numbers are really saying

Michael Noonan: “The amount of tax collected in 2016 is at an historic high.
Michael Noonan: “The amount of tax collected in 2016 is at an historic high." Pic: Tom Burke
Dan O'Brien

Dan O'Brien

Michael Noonan said last Wednesday: "The amount of tax collected in 2016 is at an historic high."

The Finance Minister's comments, made to coincide with the publication of some tax and spending figures for December, were followed by plenty more positive comments in the media.

This is worrying, and smacks of the period before the property crash when the notion that nothing could go wrong became ingrained. What's happening to the Government's finances at the moment is not like what started to happen in 2007, but there are warning lights.

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