Exchequer returns bode well for budget

It is hard to believe, but following the release of the end of August exchequer returns this week, there will only be one further set released before the October budget.

From the perspective of Michael Noonan and the Government, the returns to the end of August represent exceptionally good news and suggest he will have no problem whatsoever in delivering a budget adjustment of at least €1.5bn on October 13, while still remaining well within his budget targets.

The fiscal purists will argue that he should adopt a more cautious approach in order to balance the budget more quickly and create a cushion in the event of something going wrong down the road.