Gruffalo is a marvelously hideous and not-so-bright character in my son’s favorite books. Today’s Exchequer figures and the talk about the need for higher taxes and courageous Government policies remind me of this imaginary animal.
The preliminary Exchequer receipts show that we are on track to deliver on my forecast from February 8 (here) that estimated a tax revenue this year between €33.3bn (moderate case) and €34.5bn (benign scenario). Ulster Bank’s Pat McArdle – an excellent economist with good knowledge of the budgetary nitty-gritty – agrees (his forecast produced today is €34bn). Of course, to remind you, DofF official forecast revenue is €37.7bn. Ya wish, baby! Link to full article
