It looks like more of the same for the Exchequer finances. In every recent year, strong tax revenue growth has left the Department of Finance's Budget day projections looking very conservative. And January figures suggest that will be repeated this year.

Total tax receipts last month were £1.309 billion, 10.1 per cent above the same month last year. This compares to a Budget target of tax revenues for the year running 6.3 per cent over last year's level.

Naturally, too much should not be read into the figures for the first month of the year. But Mr McCreevy's January adjustment of his Budget target looks well justified. After seeing the 1997 tax revenue figures, he said that the finances should show a small surplus this year.

On the evidence of January where a surplus of £112 million was recorded compared to a deficit of £107 million last year the Exchequer finances certainly look set to stay in the black this year.