Last year Charlie McCreevy became the first minister in recent years to budget for a surplus of spending over revenue. Last year, he presided over an unexpected surplus as strong economic growth boosted tax revenue beyond all expectations. Last year's budget involved overall tax reductions worth £580 million in a full year, with major increases in personal tax allowances. Benefiting from the most favourable budgetary figures available to a minister for finance, Mr McCreevy has been able to preside over lowering income and corporation taxes, higher social welfare and increased spending in key areas such as education and health. He has also been able to indulge himself a little. Last year, he abolished on-course betting tax and halved the tax payable in bookies' shops from 10 per cent to 5 per cent.