Hopes are rising for a huge cost of living supports package next week.
Government ministers are preparing to collect as much as €600million in new windfall taxes from energy companies who are making record profits during the cost of living crisis.
Energy Minister, Eamon Ryan, updated ministerial colleagues at Cabinet this week about the progress of the legislation needed to bring in the new tax on megaprofits of energy firms.
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It is expected to be with us within weeks and it will see the Government collect hundreds of millions of euro, which it has indicated will be ploughed back into cost of living supports.
In the meantime, a junior minister at Mr Ryan’s department, Jack Chambers, has revealed that the bonanza will be worth somewhere between €280million and €600million.
It comes as Taoiseach Leo Varadkar told the Dáil that the latest cost of living package will finally be revealed to the public next Tuesday.
He refused to describe what will be a package worth hundreds of millions - if not billions - of euro, as a mini-budget.
Mr Varadkar said: “We had a Budget in September and it was passed by this house.
“We're not going to be having a mini Budget, that's not necessary.
“The budget set out the fiscal parameters for this year.
“Anything that we do we announce and anything we announce between now and the next budget will be done within the confines of those fiscal parameters.”
There will be a new finance bill that will have to be introduced into the Dáil to authorise the Government to pay the latest round of cash supports.
The opposition have been calling for a mini-budget for months and yesterday Labour leader, Ivana Bacik, called out Mr Varadkar’s promised package as a mini-budget in all but name.
She said: “If it looks like a rose and smells like a rose.”
Mr Chambers was speaking on RTE’s Today with Claire Byrne radio show.
He said: “There’s obviously consideration across government now on how we can continue to assist people in this difficult period for many families and businesses and it’s important that there is that solidarity contribution (windfall tax).
“We expect between €280million and €600million depending on gas prices, that could be a range of proceeds from the solidarity contribution.”
Elsewhere, Public Expenditure Minister, Paschal Donohoe, attempted to downplay the crisis, saying that things are improving, with the economy improving and inflation falling.
He said: “What I am really looking to recognise is that we can see some positive signs regarding inflation beginning to change, regarding growth holding up, but for many in our country at the moment prices are still high and the cost of living is unaffordable.”
Meanwhile, lobbyists for the hospitality sectors met with the Fianna Fáil Parliamentary Party (the party’s TDs, Senators and MEPs) in Leinster House to pitch their case for the retention of the special 9% VAT rate for the tourism industry.
Following the meeting, Restaurants Association of Ireland chief executive, Adrian Cummins, said: “The Hospitality sector had a very receptive meeting with the Fianna Fáil Parliamentary Party.
“All those who attended supported the retention of the 9% Vat rate for Hospitality.”
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