Oireachtas Joint and Select Committees

Wednesday, 7 September 2022

Committee on Budgetary Oversight

Updated Economic and Fiscal Position in Advance of Budget 2023: Discussion

Mr. Sebastian Barnes:

In normal times, those revenues would be saved. They would go into a budget surplus and that would ultimately reduce debt. What the Government can do, instead of reducing debt, is put it into the rainy day fund or the National Pensions Reserve Fund. In the economic sense, it is quite similar, but if people see this big surplus and ask why the Government is not spending it, it is much easier to articulate that this is actually the-----

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