DAVY VIEW

The Irish government has taken a step closer to establishing a sovereign wealth fund in which to invest buoyant corporate tax revenues. A scoping paper published by the Department of Finance yesterday (May 10th) argued that investing €12bn per annum in a new fund will help meet the fiscal costs of the aging population and climate change. Of course, the government may eventually opt for a smaller contribution, leaving space for a pre-election giveaway Budget.