Jim Power: Global tech trouble clouds Irish economic outlook

Layoffs at Twitter and Stripe, and poor results at Facebook and Amazon, bring a new uncertainty about the tech sector

There is renewed caution about the prospects of businesses built on disruptive tech, following layoffs at Twitter and Stripe, and poor results at Facebook and Amazon owner Meta.  Picture: Mary Altaffer/AP

The contrast between what the former British chancellor Kwasi Kwarteng announced in his mini-budget and what the two Irish finance ministers did in the Irish budget was amply demonstrated by the latest exchequer returns.

Tax-revenue buoyancy remains incredibly strong, with the overall tax take up by almost €13bn in the 10 months to the end of October. Income tax continues to perform very strongly, which reflects the strong labour market, the high quality of employment, and the very progressive income-tax system here.