Finance minister: 'No giveaway budget' arising from windfall taxes

Building windfall taxes into recurring spending 'would be a mistake' in spite of expected €10bn surplus

Michael McGrath: 'The autumn budget will have a tax package. Picture: Sasko Lazarov/RollingNews.ie

Massive windfall taxes from corporations cannot be used to fund a giveaway budget, the finance minister has said.

Michael McGrath was responding to Government forecasts of a €10bn surplus this year, followed by a more than €16bn surplus next year, on the back of soaring corporation tax receipts.