Wednesday 24 May 2017

Glimmer of hope in Exchequer figures

NEVER prophesy, especially about the future. No sooner had the Department of Finance reduced its forecast for growth in the economy this year than the tax revenues for April suggest it might have spoken too soon.

The mandarins of Merrion Street would be delighted to be proved wrong on this one. Nobody is going to make too much of one month's figures, but officials were pleasantly surprised by the underlying strength of tax revenues last month, especially the critical one of income tax.

It is critical, not only because it is the major source of government revenue, but because it is an early, if rough, guide to employment and incomes.

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