Is Irish business really doing better now?

Major companies issue half-year results. If there are problems they issue profit warnings, to help manage market expectations and reactions in the run-up to the full year’s outturns. The July exchequer figures are the half-year results for Ireland Inc. Should the Minister for Finance be contemplating profit warnings?

There are two pillar taxes which make up the bulk of exchequer revenues: income tax (which includes USC) and Vat. In the first six months of ...