The mild-mannered delivery by UCC economist Seamus Coffey understated the seriousness of the Irish Fiscal Advisory Council (Ifac)’s latest reality check on the economy. Coffey, Ifac’s chair, presented an unprecedented critique of the government’s management of the public finances. Not only is the state now increasingly reliant on the tax revenues of large multinational companies (just ten account for almost half of all corporation tax receipts), the country was also failing to keep a grip...
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