The economy - Credit rating change is a real worry

BY describing the kerfuffle on the prospect of a property tax as “speculation” Taoiseach Brian Cowen, speaking in Davros, is either firmly focussed on the long game or, as his detractors suggest, is once again dodging the hard question; once again freezing in the headlights.

Mr Cowen has said that a decision will be made by the Cabinet on the possibility of such a levy “in due course”. The suggestion was that “in due course” might stretch as far as September when the Commission on Taxation is due to report ahead of the December budget.

Whether this is dangerous indecision, or a determination to take time to reach the right conclusions, remains to be seen, but let us hope that events afford Mr Cowen — and every one of us — such latitude. As we borrow €55 million a week to fund day-to-day spending such a delay cannot be infinite.