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:

It is a little unclear from where those numbers come, which is why I set them aside. I think they were based on lower rates of inflation, so those numbers are now outdated. That is why I gave the committee the most useful and updated figures. As the Deputy correctly identified, the bottom line is that it does not leave the Government a lot of space to do other things. Specifically on the point of investment, the national development plan is still there and the Government is investing a huge amount by historical standards, including significant amounts on housing. The main constraint there is probably a supply constraint on the ability of the economy to produce more housing. That is a specific issue but, in general, there is not a lot of space for the Government to do other things, and that is natural.

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