Donohoe pulled in two directions as he seeks to regain prudent reputation

Two scenarios, one Budget. The difference between those two scenarios is €30bn. The Summer Economic Statement, which was published yesterday, made for pleasant enough reading if a Brexit deal is reached by the end of October — or seriously grim reading should a ‘no deal’ Brexit come to pass.

At the launch, Finance Minister Paschal Donohoe emphasised the positive, as is his prerogative. Record employment, record tax revenues and a budget surplus for the first time in a decade are all welcome signs of an economy running at full capacity.