The government has signalled it will spend cautiously – despite expecting a surplus of 10 billion euro this year.
Three 150-euro electricity credits, up to 1,250 euro relief for mortgage holders and a double child benefit are among the measures expected in the Budget and a cost-of-living package to be announced on Tuesday
A cut in the universal social charge is also planned, it is understood; the 4.5% rate is expected to be lowered to 4% and the point at which you pay that higher rate is to be extended by 2,800 euro. The total cost of Budget 2024 is around 6.4 billion euro, with taxation measures worth 1.1 billion euro of the total.Despite a forecasted surplus of 10 billion euro this year, the ministers struck a tone of caution last week as September’s exchequer returns revealed a slowdown in corporation tax receipts for the second month in a row.
The Government has defended this move by saying inflation has moderated and wage increases across the economy have outpaced rising prices since last year.will be announced in the Dail tomorrow from 1pm. For a bit of a behind the scenes look at what’s going on, head over to my Instagram account Minister for Social Protection Heather Humphreys confirmed that welfare rates will rise for pensioners, carers, people with disabilities and working families in Budget 2024.
Mr Varadkar has also said the surplus will be partly used to bring down the national debt, with money also diverted to two new funds – one to address future pension costs and the second an infrastructure reserve, which future governments could use to maintain spending on capital projects at times of economic difficulty.
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