McCreevy’s bleak forecast softened

Finance Minister Charlie McCreevy’s prediction that slack economic conditions will shape today’s Budget took a knock yesterday with the release of surprisingly buoyant Government figures.

As the rebellion within Fianna Fáil over the cuts in Community Employment Scheme places fizzled out completely last night, the Exchequer returns for November showed a massive €842 million surplus in receipts over expenditure.

It means with only a month remaining in the year, Mr McCreevy could have €500m more available than he predicted at the start of the year.