Finance Minister says such tax receipts will not last indefinitely, there are ‘enormous’ costs coming down the line related to Ireland’s ageing population
He added that he is willing to consider “additional targeted public capital investment” where it can be shown that funding rather than the capacity of the construction industry to deliver a project is the constraint.
He said there will still be room from recurring tax receipts for a “significant budget package” and there will be tax and welfare measures in this autumn’s budget as well as improvements in public services and an increase in the public capital programme.Mr McGrath added: “This is a separate issue ... it is about ensuring that these receipts that could well prove to be temporary, are not being used to fund commitments that will have to be met long after these receipts could potentially disappear.
He said there are many issues to be decided including how much of any surpluses is set aside each year for a new fund, how the money would be invested, when should the fund begin to be drawn down, and how much of the surpluses should be used for debt-reduction or capital projects.
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