Context matters. In fact, when it comes to budgets, context matters the most.  This time last year, Budget 2025 was a paradox of caution, incrementalism and good old-fashioned electoral politics. But that paradox was based on necessity. It was framed against an imminent election and a growing fiscal surplus, days after the European court decision on Apple’s back taxes. There was an expectation that it would make people feel better off. And it delivered, particularly through generous one-off cost-of-living supports.  On a simple level, last year’s budget was a €10.5 billion tax and spending package. Yes, it was a breach…

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