Sir, – The thrust of the recent fiscal assessment report of the Irish Fiscal Advisory Council is not inconsistent with the message of the National Treasury Management Agency in its 2018 mid-year update of last July which stated that Ireland’s ability to absorb future shocks was limited by its “elevated stock of debt” which was still rising as a result of Ireland continuing to borrow in order to pay interest.
The council has indicated that the budget increases for 2019 are built on what the it calls the “imprudent” increase in spending in 2018 which has prevented a general government surplus being realised at an earlier date.
The Department of Finance's Fiscal Monitor published at the end of October 2018 shows the projected exchequer shortfall for the full year 2018 to be more than it was in 2017.
Surely, this is not the time to create expectations of future income-tax reductions. – Yours, etc,
PATRICK HOWARD,
Rathfarnham,
Dublin 16.
Sir, – Following on the rejection of the report of the Fiscal Advisory Council, can we assume that the Bertiefication of Leo is complete? – Yours, etc,
JOHN M NOLAN,
Dublin 3.