Permanent spending increases will cost about €5.3bn and tax cuts €1.1bn in first budget presented by a Fianna Fáil minister for finance since 2010Budget 2024 Cartoon by Martyn Turner. The budget has channeled billions in windfall tax revenues into long-term national savings and investment funds, tapped from the boom in corporate tax receipts.
Mr McGrath said the main “Future Ireland” fund could reach €100 billion by the middle of the next decade, while a second fund, for climate action and infrastructure purposes, will involve injections of €2 billion a year for seven years. The climate fund, Mr McGrath said, could be tapped to help meet Ireland’s climate targets.
Mr McGrath announced a total budget package of some €14 billion when he rose in the Dail chamber at 1pm to deliver his first budget speech as Minister for Finance, the first Fianna Fail TD to hold the office since the late Brian Lenihan in 2010. The budget includes more than €4.5 billion in “non-core” expenditure, including the cost of Ukrainian refugees, residual Covid costs and a new €1 billion “health resilience fund”.Revised Department of Finance forecasts underlined the general health of the public finances, notwithstanding recent concerns about corporation tax receipts.
“You simply could not make this up. In this budget, the Government has provided nearly twice as much to landlords as it has to struggling renters. “This funding will ensure we can continue to deliver new affordable homes for purchase and rent at pace,” he said.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: IrishTimes - 🏆 3. / 98 Read more »