Sir, – In 2023 we had record corporation tax, income tax and VAT receipts. Over the past few years we have had tens of billions of euro of windfall corporation tax receipts. That has allowed us to put a modest few billion into a rainy day fund. Where did the rest of the windfall go? Your editorial “The Irish Times view on the latest exchequer returns: a strong year, but some trends to watch” (January 4th) notes “the relentless rise in State spending”.
As has become the norm, Minister for Finance Michael McGrath and Minister for Public Expenditure and Reform Paschal Donohoe this week preached caution on our national finances having, as has also been the norm, shot the lights out on spending.
It’s hard to resist the thought that they plan to leave a note for Pearse Doherty along the lines of that left for his successor by Liam Byrne, chief secretary to the treasury under Gordon Brown: “I’m afraid there is no money.”
Those of us who were around 20 years ago will know the feeling – the boom is getting boomier. Fasten the seat belts. – Yours, etc,
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PAT O’BRIEN,
Rathmines,
Dublin 6.