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

@ianguider
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...

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