People have been battered by energy price rises throughout the spring and summer and anxiety over what the winter holds means many will be watching for what relief may come on Budget Day.
Fast forward to today and there’s another magic potion pumping the public finances and driving the economy: Multinationals and our corporation tax bonanza. The paper from the Department of Finance referred to the cautionary tale of Nokia, the Finnish mobile phone company. In Friday night’s White Paper, the Department of Finance calculated that if it wasn’t for windfall amounts of corporation tax - the amount which the underlying performance of the economy can’t explain - there would actually be a deficit this year of €4.5bn while next year’s surplus would shrink to €1.78bn.
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