Tomorrow's highly anticipated Budget 2023 announcement will unveil both the Government's spending plans for the year ahead and a major cost of living package to tackle rising costs that are burdening the public.
Paschal Donohoe and Michael McGrath will address the Dail at 1pm to declare their Budget package, which will be worth around €10bn. The Finance and Public Expenditure Ministers have around €6.7bn to play with in the main Budget, while the cost-of-living package is expected to be worth €3bn.
Here are some of the confirmed measures that will be included in tomorrow's Budget:
Read more: Budget 2023: Price of a pint to remain the same to give punters a break
Energy credits
The cost of heating your home will be eased with two energy credits worth up to €300 each, one to hit our accounts before Christmas and another then again before the end of March. A contingency fund is also expected to be planned in case further energy supports are needed next year.
Social welfare
There will be double welfare payments as part of the cost of living package, on top of a double payment again at Christmas. Social Protection Minister Heather Humphreys fought for old people, arguing she didn’t want them to be afraid to turn on their heat.
Agreement was reached last night to expand the fuel allowance bands so more pensioners will qualify. The pension will go up too, by at least a tenner a week, but the battle to get it up to €20 is likely to be lost.
The Government will say it is supporting middle income families too, through an increase in the children’s allowance, although by how much has not been nailed down yet. A source close to Ms Humphreys said she also “wants to help working families on low incomes by bringing more people into the Working Family Payment”.
Free schoolbooks for primary school students
A new initiative that will provide free school books to all primary school students from next September will also be announced during tomorrow's budget. €47m is to be allocated for the measure, and it is intended that it will be a permanent initiative.
Pints and cigarettes
Those who enjoy going out for a drink won't see any hike in the cost of pints after tomorrow's budget. However, smokers are facing an increase in the cost of a packet of cigarettes, expected to go up 50c a pack.
Renters
Renters will finally get some reprieve in this year’s budget, with the reintroduction of the rent allowance that was scrapped after the financial crash a decade ago. This could be worth up to €400 a year, but it may be closer to €200.
Tax bands adjustments
Workers will see more money in their pockets through an adjustment in tax bands that will mean people enter the higher 40% rate on a higher rate. It is currently €36,800 and is set to be raised to €40,000. This will be worth hundreds of euro extra a year depending on how much you earn.
Read Next:
- Social welfare Ireland: Everything you need to know about pensions including new rates
- Budget 2023: How possible measures could affect middle income earners on €35,000 to €50,000
- Budget 2023: Thousands in line to receive €500 boost to pay packet
- Budget 2023: Everything we know as energy credits and Christmas bonuses among cost of living measures
Bonus energy payment expected to soften bills blow before Christmas
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