Most recent elections around the West have seen voters punish incumbents for rising inflation and the end of pandemic-era support programs. Ireland’s election last Friday was thus something of a relief for ruling parties Fianna Fáil and Fine Gael.

Fianna Fáil and Fine Gael have been rewarded by voters who believe they have managed the economy well. Buoyed by strong corporation tax receipts, Ireland is running a budget surplus of at least €23 billion (£19 billion). As a result, all parties have committed to substantial increases in public expenditure, both current and capital.

Ireland has proved a partial exception to the anti-incumbent mood in elections around the world. Fianna Fail and Fine Gael, which have dominated Irish politics for a century, remain in the driving seat, though their combined share of the vote has declined to just over 40%.