Show ambition, Paschal, and give the world a plan for Ireland
It has been particularly interesting listening to Finance Minister Paschal Donohoe talk about his plans for tax rates. He wants to reduce income tax on the 'squeezed middle'. This is undoubtedly a laudable move. Excessive taxation cripples people, as too do excessive retail prices.
In Ireland, we have a vicious combination of excessive cost of living and a heavy burden of tax on the average person. To give you an example of this, the price of a typical basket of food in Ireland is on average 31pc higher than a similar basket in Germany, yet German and Irish wages are about the same.
Add to this the fact that on average wages the typical Irish person is paying over 40pc tax and it is quite understandable that most Irish people do not have any money left at the end of the month to bolster their savings.