State plan to borrow more to ease housing crisis looks unwise

Taxes will need to rise to meet challenges of demographics and climate change

The main change in planned Government expenditure is due to an increased provision for investment in housing. Photograph: Chris Ratcliffe/Bloomberg

The main change in planned Government expenditure is due to an increased provision for investment in housing. Photograph: Chris Ratcliffe/Bloomberg

The Government’s summer economic statement reflected a political compromise, changing the planned stance of fiscal policy over the course of this Dáil.

It was obviously framed in the context of considerable uncertainty about the nature of the economic recovery that is under way but, from what we now know, the planned relaxation of borrowing constraints out to 2025 looks unwise.

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