Jim Power: Upcoming budget likely to lack long-term thinking and be highly political

"Most of us will wake up the following morning slightly better off and nobody significantly better off. As is the case with most budgets, it will likely lack a longer-term strategic focus."

Finance Minister Michael McGrath said that the package will be €6.4bn, comprised of a little over €1.1bn in taxation measures and core expenditure of just over €5.2bn. Picture: Sam Boal / RollingNews.ie

In recent weeks Finance Minister Michael McGrath and Public Expenditure Minister Paschal Donohoe have received stern warnings from the Central Bank and the budgetary watchdog the Irish Fiscal Advisory Council (Ifac) about the dangers of giving too much stimulus in Budget 2024 to an economy that is, by and large, growing at a healthy pace.

These warnings are likely to be largely ignored as political imperatives will most likely overrule what would make sound economic sense in an ideal world, which this is certainly not.