Tuesday October 27, 2020

Cash is king as Donohoe and McGrath use budget to steer economy through Covid-19

The government has taken an aggressive approach to limiting the damage of the pandemic with Vat cuts and supports for restricted businesses

Ian Guider

Markets Editor

13th October, 2020
Paschal Donohoe, the Minister for Finance, and Michael McGrath, the Public Expenditure Minister, cannot control the outcome of the virus, they can only control the economic response

In any other economic crisis a deficit of €21.5 billion and a projected deficit for the year ahead of €20.5 billion would prompt the Minister for Finance to restrict government spending.

But such is the unique nature of the danger posed by Covid-19 that Paschal Donohoe not only held off on doing so, but instead opted for further and significant spending

As the Finance Minister noted, fighting “an invisible enemy” requires the state to meet...

Subscribe from just €1 for the first month!

Exclusive offers:

All Digital Access + eReader



Unlimited Access for 1 Month

Then €19.99 a month after the offer period.

Get basic
*New subscribers only
You can cancel any time.



€149 For the 1st Year

Unlimited Access for 1 Year

You can cancel any time.




90 Day Pass

You can cancel any time.

2 Yearly



Unlimited Access for 2 Years

This product does not auto-renew

Team Pass

Get a Business Account for you and your team

Share this post

Related Stories

Leo Varadkar shows signs of becoming the Teflon Tánaiste as even after his harsh remarks about Nphet, and the subsequent U-turn on the move to level 5 restrictions, Fine Gael is up two points to 37 per cent

Michael Brennan | 2 days ago

In a new history of Fine Gael, the Tánaiste says his rotation back to the job of taoiseach will come shortly after the 100th anniversary of the foundation of the state and asserts that Fine Gael was the ‘party that founded the state’

Michael Brennan | 2 days ago

The Department of Finance has until mid-December to outline its position after receiving details of the European Commission’s appeal of the ruling

Ian Guider | 2 days ago