Jim Power: We cannot afford to be complacent about the economy 

It is essential for Ireland to ensure that this period of exceptional growth and fiscal performance is not whittled away by populist policy gimmicks

British chancellor Rachel Reeves unveiled the Labour government's first budget last week as the country's economic outlook remains stagnant. Picture: Ben Whitley/PA 

The British budget last week represented a real return to old-fashioned ‘old-Labour’ big government.

Faced with a yawning gap in the public finances and the reality of many promises made during the recent general election campaign, chancellor Rachel Reeves managed to deliver a significant package of tax increases, largely levied on people who would not ever be likely to vote Labour, and significant spending increases directed at people who would always be likely to vote the party.