Oireachtas Joint and Select Committees

Wednesday, 14 September 2022

Committee on Budgetary Oversight

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

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

That is a policy decision we must make and finalise in the next couple of weeks. It is a fundamental one but we also have to be conscious that this period of very high levels of energy costs may not be very shortlived. That is a reality the Government must also take into account. However, it is a good thing that we are in a situation where the actual outturn for the year, the surplus, will be better than we predicted back in July in the summer economic statement. Exactly where it will land remains to be seen but it is a better position to be able to use at least some of that than to have to borrow for a package of one-off measures and add to the national debt. We need to be careful overall, however.

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