Poll: Do you actually pay any attention to the Budget?

THERE’S NO DOUBT the annual Budget attracts significant media attention – and why wouldn’t it?

Politicians use the build-up to the big announcement as a chance to flex their muscles to the electorate in a bid to stockpile support, while business groups take the opportunity to voice their concerns through their pre-budget statements.

Meanwhile, this year’s economic statement will also give opposition parties and independents a chance to remind the minority government who’s boss as they will have significant influence on the measures introduced.

Real impact

Putting political drama and speculation aside, there are plenty of legitimate reasons for the press to focus on the official announcement of the budget.

Ministers Michael Noonan and Paschal Donohoe

Meanwhile, from a business perspective, the tax breaks and spending increases teased out in the Dáil could have a significant impact on your turnover for the next year. It’s an important document that has a real impact on the money in your pocket.

Waste of energy?

That said, the vast majority of the budget measures are leaked well in advance of the Minister for Finance taking centre stage at Leinster House.

Vincent McCarthy, head of investment consulting at Invesco, wrote in a column on Fora recently that the attention paid to the Budget “is an exercise in wasted energy and a perpetuation of the short-termism that drives the behaviour of stakeholders in the economy”.

He argued that the decisions laid out on the day are “typically on the margins” and don’t set out any long-term vision for Ireland.

In other words, all the razzmatazz is a big waste of time because the small details have already been widely reported – and they inevitably don’t tackle the major issues faced by the country.

With that in mind, we’re asking Fora readers: Do you actually pay any attention to the Budget?