A fiscal correction is easiest the sooner it is commenced. Ministerial hints that a correction is now required have not been translated into public revelation of measures contemplated for the budget in October  – instead, the political system is awash with proposals from business and regional lobbies for new tax breaks and capital expenditure schemes. A new National Development Plan is being hatched and may predetermine a larger capital programme, while there is a backlog of emergency spending schemes to be wound down.  There have been two major episodes of budget tightening in modern Ireland, the first from 1987 onwards…

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