Brian Cowen’s last budget as finance minister was delivered to a grateful public on 7 December 2007. Despite the swirls of early disquiet in the international markets, the budget contained no bad news. For 2008, day to day spending was to be hiked by 8% including an extra €1.5 billion in social welfare outlay. Some €600 million in tax cuts were announced. Projected tax receipts were €49 billion, and provision was made for a small deficit of 0.9% of GDP. The state was in the happy position where the debt to GDP ratio was just 25%. Happy days.  As 2008 unfolded…

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