An Exchequer deficit of €11,681 million was recorded to end-October 2020. This compares to a deficit of €1,697 million in the same period last year. The €9,984 million year-on-year deterioration in the Exchequer balance is primarily driven by increases in voted current and capital expenditure. Cumulative tax receipts of €42,609 million at the end of the period were down by 5.3 per cent or €2,364 million on last year. Receipts-to-date have benefitted from a strong performance in January and February as well as solid income and, on a cumulative basis, corporate tax receipts, which have compensated — to an extent — for sharp declines in other tax heads, notably VAT and excise receipts.