New Cabinet will struggle to keep grand promises we can't afford
YOU can't make bricks without straw, the old saying goes. Yesterday the refurbished Government promised a splendid edifice, but it is not at all clear where the straw for such a construction will be found.
Tax changes are to be the cornerstone, although it would seem only the foundations will be laid before the next general election. October's Budget – the last before polling day – will announce a tax reform plan to be delivered over a number of Budgets, which means most of the task will fall to the next government.
Something will be done in October to start reducing the 52pc marginal tax rate on earnings above €40,000 a year (after credits).