Committee on Budgetary Oversight to meet Irish Fiscal Advisory Council tomorrow

The Irish Fiscal Advisory Council was established in 2011 as part of a wider agenda of reform of Ireland’s budgetary architecture in response to the financial crisis. The Council was initially set up on an administrative basis in July 2011, and was formally established as a statutory body in December 2012 under the Fiscal Responsibility Act. The Council is a public body funded from the Central Fund.

The Council is chaired by Mr Seamus Coffey (University College Cork). The Council submits its Fiscal Assessment Reports to the Minister for Finance and within ten days releases them publicly. This report was finalised on 25 November 2019.

Topics likely to be raised include warnings about continued dependence on Corporation Tax, Brexit, other risks to the international economy and overspending in areas such as the health service.

In advance of the meeting, Committee Chairman Colm Brophy TD, said: “Each year following the budget, IFAC prepares its Fiscal Assessment Report which assesses the government’s approach to the budget.  The Council’s report highlights a number of issues including continued uncertainty around Brexit and the uncertain macroeconomic outlook. We look forward to this opportunity to engage with the Council on these and other issues as part of our regular budget scrutiny cycle.”

The meeting, from 2.30pm, can be viewed live

Learn about the Committee’s recent reports, statements and membership on their webpage