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Pearse Doherty TD responds to December Fiscal Monitor

4 January, 2023 - by Pearse Doherty TD

Sinn Féin Finance spokesperson Pearse Doherty TD has responded to today’s publication of the Fiscal Monitor.

Teachta Doherty said that the performance of the public finances painted a mixed picture of strong tax receipts and poor Government delivery.

Teachta Doherty said:

“Today’s Fiscal Monitor shows a strong growth in tax revenue, driven by income tax, VAT and corporation tax.

“This reflects the continued and welcome recovery of the economy since the pandemic.

“It also reveals the massive growth in corporation tax receipts which has overtaken VAT as the second largest tax head for the Exchequer.

“We must remain vigilant to any overreliance on corporation tax in the years ahead and ensure our public finances are secured on a sustainable footing.

“The higher than expected surplus in 2022 makes clear the capacity of the State to provide further support to help households weather the cost of living crisis, and the Government must now strengthen cost of living supports in the coming period.

“Today’s fiscal monitor further reveals how this Government, like Fine Gael before it, has squandered economic growth and strong tax receipts with the housing sector and health service now in a state of perpetual crisis.

“Governments are judged on how they convert economic growth into a social improvement – on this measure, this government is failing.

“It is revealing that the Department of Housing and Minister Ryan’s department underspent last year by a combined €546 million.

“Both Ministers must clarify the extent of their over-promising and lack of delivery in 2022 with respect to both housing and retrofitting.”

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