Irish Finance Minister Jack Chambers and Public Expenditure Minister Paschal Donohoe have unveiled a €10.5 billion budget, facing accusations of it being an 'election-winning giveaway'. The budget includes cost-of-living measures, baby boosts, tax cuts, and lump sum payments, aiming to benefit average workers by €900 annually.
Finance Minister Jack Chambers and Public Expenditure Minister Paschal Donohoe have announced a bumper €10.5 billion budget as they were accused of a “giveaway” budget that they hope is “enough to win an election".
In his speech, Minister Chambers announced huge tax cuts that will see individual tax credits increase by €125 each. This is worth €250 to most workers. The entry rate for the 40 per cent rate of tax will increase by €2,000 from €42,000 to €44,000 and the USC rate for earnings between €27,382 and €75,000 will be cut from 4 per cent to 3 per cent. The changes to the tax bands mean that a single person with no children earning €45,000 will see €896 extra in their payslip in 2025.
There were also early indications on Tuesday evening that a cost of living package may not be required next year. Asked if there will be a package in Budget 2026, Minister Donohoe predicted that wage growth in 2025 would be ahead of the rate of inflation for most of next year and “living standards will begin to rebuild”. He added: “If that were to occur across next year, it would have to have a very big impact on the design of the budget.
Sinn Féin’s Pearse Doherty said: “Government is incapable of delivering real change. It is incapable of getting value for money.” “We are clear on giving workers and families a break, having a strong cost of living package, and responding back to the serious concerns we know many families face around high prices.”
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