Taoiseach Micheál Martin has ruled out a “mini-budget” but has said the Government will aim to ease the cost of living for people.
Social Protection Minister Heather Humphreys, Public Expenditure Minister Michael McGrath and Finance Minister Paschal Donohoe are working on a package of measures as the Government faces pressure to deal with soaring inflation.
Mr Martin said on Friday that he is conscious about the cost of living and the Budget already had a number of targeted measures.
He said: “The Government and key Ministers are looking at the situation and they’ll come back.
“There won’t be a mini-budget or anything like that but we are looking at further ways to perhaps ease the situation for people in terms of the cost they have to incur.
“We don’t want to do anything to make inflation worse.
“I don’t want to give a specific timeline but we're working on it and the two Ministers are working on it.”
The Taoiseach said the Government will take on board that the European Central Bank (ECB) has labelled it a “pandemic cycle” of inflation.
When asked where the money will come from to give additional financial support to households, the Taoiseach said there are “some flexibilities” and we will each the fiscal target by the end of the year.
He said he particularly wants to help people who are on lower incomes and are more affected by the inflation cycle.
Mr Martin specifically mentioned energy when asked what measures can be further examined.
It’s understood consideration is being given to increasing the energy credit of €113 for every household which has already been agreed by Cabinet.
However, it’s already set to cost the State €210 million.
Other measures being explored are; extending fuel allowance period, decrease in motor tax, VAT cuts on some goods, healthcare and education costs.
Speaking to reporters in Westmeath on Friday, Minister Heather Humphreys said there is already a hardship fund already exists for those in need.
She said: "Government recognises that the cost of energy has increased considerably, and we know that the cost of living has gone up.
“We have to sit down and look at different ways (in which Government can assist).
“In terms of my own Department of Social Protection, we're looking at a number of different options.
"We already have a fund that looks after people who get into hardship.
“It's the social welfare fund and it is available.
“There's a special needs payment, and an essential needs payment.
“So if you're in difficulty, please call to social protection, the supports are there to help you, just to be clear on that.
“But in terms of the supports that we're doing, otherwise, we're looking at the number of different options out there and Government will come forward with them in the coming weeks."
