Noonan damned by Budget choice
Published 03/11/2011 | 05:00
The poor October exchequer returns, which showed that tax revenues were 0.7pc behind target for the first 10 months of the year, confirm anecdotal evidence of a renewed slowdown in the domestic economy following signs of a brief recovery earlier in the year.
The exchequer returns came only days after the most recent figures from the CSO showing a 0.6pc fall in retail sales for September.
What the exchequer returns and retail sales figures seem to confirm is that a slowdown in overseas markets, upon which we rely to sell our exports, is rapidly feeding through into the domestic economy.