The Summer Economic Statement contains no forecast of the influence of inflation upon the Irish economy. Will inflation be persistent, into 2023 and 2024, or fall off? The Statement is silent. It contains no forecast of the likely effects of a fall in corporate tax revenue, despite multiple warnings within the text that such a thing could happen. It does contain a series of large envelopes for one-off spending rises, which are all important but which might not come to be used. The 40-plus-page document reminds us that budgets are at once legal, financial, and economic processes, and all are…

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