Michael Noonan urged to exercise restraint as buoyant tax take beats expectations

Finance Minister Michael Noonan has been urged to wait two more months before making any decisions on extra spending in the budget to allow the full extent of Brexit’s impact on the Irish economy to emerge.

Fianna Fáil finance spokesman Michael McGrath made the call last night after exchequer returns showed Ireland’s economy is ahead of target, sparking suggestions of an expansionary budget for 2017.

For the first half of the year, tax revenues are up 3.4% on what was expected and 9.2% on the same period last year, with tax receipts €742m ahead of target.