Amid job cuts at Google, Microsoft and Intel, ministers’ briefing documents warn of downside risk
Mr McGrath acknowledged this situation earlier this month when he said that by far the most important factor behind last year’s €5 billion surplus was the strength of corporation tax revenue. He spoke of the risk to these receipts and said that was why the Government was transferring part of the windfall to the “rainy day fund”. He also pledged to keep the public finances on a “sustainable trajectory” to put the country in the best position to meet “future challenges”.
The Government used Budget 2023 to announce cost-of-living measures like the electricity bill credits for all households totalling €600 and the expanded fuel allowance. Positives in the Department of Finance document are the “strong” rebound of economic activity following the Covid-19 pandemic “with little, if any, evidence of permanent ‘scarring’ to the economy”.
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