Budget 2023 is set to be announced in the coming weeks as millions of people struggle with the cost of living crisis.
Chief concerns include energy prices, rent and children’s expenses, which have hit families hard in recent months. Energy prices could possibly soar to €6000 per month over the next year, according to a Government document, seen by the Irish Times and Irish Independent. The Government has stated it will provide supports to address these concerns, such as an additional energy credit to help rising bills ahead of Christmas.
The budget will be presented in the Dáil on September 27. While its exact details are not yet known, Fianna Fáil TD Jack Chambers has said there will be a “pandemic style” response to the energy and cost of living crises experienced in recent months. Additionally, Minister for Foreign Affairs Simon Coveney said "nothing could be ruled out" in relation to the Budget. Speaking on RTÉ's This Week programme, he warned that energy caps could be potentially be introduced if costs worsen.
READ MORE: Households can expect new electricity grant before Christmas, says Eamon Ryan
"We are ruling nothing out and we will make a significant impact in terms of the pressure the families are feeling by spending a lot of money," Coveney told RTÉ listeners.
Here is everything we know so far on Budget 2023:
Energy Costs
Households are set to receive a total of €600 to accommodate rising electricity and gas bills, which includes the €200 payment expected prior to Christmas. The Government previously confirmed that an original €200 grant would be issued to households to meet electricity expenses in winter. This measure has been followed with the promise of additional supports. The staggered €600 payment will be issued to households in separate instalments over several months under Government proposals.
Energy payments would provide immense relief towards consumers nationwide, including small businesses who are struggling with rising energy costs. A café in Crumlin previously spoke out on how their electricity bill had tripled as a result of inflation.
Rent
The cost of rent for new tenancies in Dublin now averages out at a staggering €2,015 per month, according to the Residential Tenancies Board rent index . The Government was criticised for not prioritising escalating rents in the previous budget. However, Housing Minister Daragh O’ Brien has promised to address the challenges facing renters, potentially in the form of a monthly tax credit.
Welfare
People accessing social welfare are reportedly amongst the hardest hit by the cost of living crisis. Social welfare rates could be increased in the coming weeks to assist people financially. Predictions have also been made that all social welfare recipients will receive an additional once off payment during autumn. This would be similar to a Christmas bonus allocated last year, which saw people receive an additional €20 on their social welfare payments.
Child Benefit
A once-off child benefit payment is also being considered to support families, expected ahead of the Christmas seasons. Parents with one child could receive €280 under this proposal, while parents with two children would be entitled to €560.
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