Budget 2023 has finally been delivered and there’s plenty of good news for almost everyone in Ireland.
Every pensioner, carer, disabled person and those on the dole are among the big winners, with a universal €12 a week social welfare hike confirmed. This measure alone will cost close to €1 billion next year with the increases kicking in from January 1.
READ MORE: Follow live as the Budget is revealed
Before that, all welfare recipients will receive a double payment under a cost of living package. The first will come in the coming weeks around Halloween, with another at Christmas. Child benefit will also see double payments as part of the same deal.
Meanwhile, workers will see more money in their pockets through an adjustment in tax bands that will see people enter the higher 40% rate on a higher rate.
It is currently €36,800 and is set to be raised to €40,000 which could be worth hundreds of euro extra a year depending on how much you earn.
Minister Donohoe delivered Budget 2023 in a joint announcement with Minister for Public Expenditure Michael McGrath in the Dail this afternoon.
The Fine Gael TD said: "If you are an older person, you are having to spend more of your pension on heating your home; if you are looking after a family, you are facing higher grocery bills; if you are running a small business, you are trying to cope with increases in the cost of energy," he added.
"This is why, Budget 2023, presented by Minister (Michael) McGrath and I today, is and must be a cost-of-living budget, focused on helping individuals, families and businesses to deal with rising prices.
"The onset of the war in Ukraine has sent shockwaves throughout the global economy.
"This shock is most clearly evident in energy and commodity markets, where prices surged at the onset of the war and have remained high.
"The inflationary pressures from energy have been further compounded by the imbalance between demand and supply that emerged as the economy reopened at the start if the year,
"Consumers released substantial pent-up demand as restrictions were eased, while supply chain bottlenecks prevented firms from keeping up with that demand."
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