The virus is still with us, and an early return to normality, and hence to economic recovery, is not plausible. It was always understood that emergency supports would be extended beyond the budget provisions if the situation demanded, and the necessary borrowing could be financed. In the spirit of the times, this €185m commitment for the capital programme does not come with a cost/benefit appraisal attached, as required by the Public Spending Code. It would have been impressive if the Government had announced the Public Spending Code is a cod, and the Cabinet will make it up as they along. The greatest threat is a ham-fisted capital programme that contains unevaluated pet projects selected outside the rigours of the Public Spending Code.

Source: Irish Independent June 06, 2021 01:30 UTC