Notwithstanding a deteriorating geopolitical outlook and a threatened transatlantic tariff war, ministers have been loosening the purse strings since the new Government’s formation. The corporation tax bonanza is vulnerable to unilateral US action even if Trump’s tariff threat turns out to be mostly bluff. The latest spending impetus, and potentially the most costly, is for defence – both health minister Jennifer Carroll McNeill and Tánaiste Simon Harris have been pushing for extra spending on the military, none of which is provided for in future budgets. Harris mentioned explicitly the “level of ambition three” (LOA3) from the 2022 report of the Commission…

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