How to spend the budget surplus wisely without building up problems for the future is the big conundrum facing the Government
Nothing better illustrates the phenomenal success story of the Irish economy over the past decade or so than the debates taking place in Dublin and London in advance of crucial budgets due to be unveiled in both country’s parliaments in the coming weeks.pouring into the exchequer, with some experts warning that too much of a splurge could lead to another bust down the line, while others urge massive spending on infrastructure to ensure continued growth in decades to come.
On top of that there is also pressure for big tax cuts for middle and high income earners who are paying the top rate of income tax on a significant portion of their earnings. New Minister for Financethe Government not to proceed with an “everything now” approach by simultaneously cutting taxes, increasing day-to-day spending and ramping up capital investment.
On Monday, Chambers paid a visit to Downing Street to meet Reeves and discuss their respective challenges. Both are new to the job but the contrast between their positions could not be more stark. While Chambers has an €8 billion surplus to play around with, Reeves has to find spending cuts and tax hikes to plug a €26 billion black hole in the UK’s finances.
Starmer and Reeves are already facing Haughey-style criticism from their Conservative opponents, who are attacking necessary cuts in spending programmes, such as the winter fuel allowance, as if they have no responsibility for the UK’s current crisis.
Simon-Harris Rachel-Reeves Jack-Chambers Keir-Starmer
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