Government to publish Summer Economic Statement today

Government to publish Summer Economic Statement today

The Government will publish its Summer Economic Statement later, giving us a first look at what Budget 2020 might be like.

Two separate budgets are being prepared to plan for both a hard and a soft Brexit.

The Summer Economic Statement is our first real look at how things are shaping up for the budget, but things are a bit different this year.

Paschal Donohoe is going to announce budget 2020 on October 8, three weeks before the Brexit deadline.

The Finance Minister is putting two plans together, and will effectively have to guess which one to go with.

One is for a hard Brexit if the UK looks likely to crash out under a new Prime Minister.

The other is for a softer Brexit if the Withdrawal Agreement gets signed.

This is to be the last budget under the confidence and supply arrangement between Fine Gael and Fianna Fáil.

Fianna Fáil has called on Mr Donohoe to make sure whatever the final budget is, there is enough money to get at-risk industries through a no-deal Brexit.

Most expect Mr Donohoe to go with a cautious budget - both because of Brexit and to address commentary about Fine Gael's ability to manage the public purse.

But income tax cuts have been long signalled.

There is speculation an austere budget could be followed by a pre-election bonanza revision if there is a soft Brexit, but Paschal Donohoe has ruled out having more than one budget this year.

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