Upon closer inspection, an inscription reveals that they’re sniper shields which were used to protect the windows of the Department building during the Civil War.That means everything that happens - or doesn’t happen - in next week’s Budget will be framed and measured by what a collapse in the normal functioning of trade between ourselves and the UK will bring.Its forecasts for growth next year have been slashed, from an increase in GDP of 3.3% to just 0.7%.
Wages in the economy are increasing at an average of 3% a year or so. That means, if there’s no move to adjust the standard rate band, credits or USC thresholds, more people will be paying more tax. The Fiscal Advisory Council has calculated this will raise €600m for the Government. But tinkering with income tax costs money and any change here would soak up a lot of the Minister’s stated room for manoeuvre.
The Government has given a range of what it may have to borrow next year in the event of a hard Brexit. It will range from 0.5% to 1.5% of GDP, which means upwards of €5bn.