Calling time on the boom

The Department of Finance may have to revise downwards its 5.1 per cent forecast for the rate of economic growth this year In recent years, the pattern has been a predictable one.

6th August, 2005

The Department of Finance publishes its estimates for economic growth and tax revenues at budget time.

Taxes exceed expectations, the growth forecast is revised upwards, and the minister of the day ‘beats' his budget targets.

This year it may be different.Taxes are, indeed, still ahead of budget, but the Department of Finance, when it publishes its annual economic review and outlook next week, may actually have to revise down its 5.1 per cent forecast...

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