If the Government expected the December budget to result in a bounce back of consumer confidence as they confidently predicted on Budget Day, then today today’s exchequer figures must be bitterly disappointing for Fianna Fáil.

Rising job losses, increased emigration and weak consumer demand continue to depress tax receipts.

The dramatic fall in tax revenues of well over half a billion (€660m or 17.7%) for January 2010 when compared to last year is disappointing, particularly when you consider that this brings tax revenues back below 2003 levels.

These figures indicate that consumer confidence remained on the floor during the pre-Christmas period, so vital for Irish retailers, with VAT, in particular down a whopping 17.9%, or €353m on January 2009.

In fact, the January 2010 VAT figure is a staggering €719m or 31% below the January 2008 figure.

Fianna Fáil’s suggestion that December’s budget would mark a turning point for the economy has turned out to be a damp squib.

Tax revenues under every heading are down. Tax revenues relating to the construction sector, such as capital taxes and stamp duty, continue to fall sharply while income tax and corporation tax are also down.

While some of these falls may be due to timing differences, the pre-Christmas VAT figures show that consumers have no confidence in this government. VAT returns for November and January, payable in January of this year, were particularly hard hit as cautious consumers seem to have tightened their belts this Christmas.

It is only when people return to work and feel that their income is secure that they will start spending again. Yet, this Government has no jobs plan and seems to have no ideas other than to sit and wait for the international recovery.