PASCHAL DONOHOE BEGAN his first Budget as Finance and Public Expenditure Minister by saying the announcement would “build on progress that would have seemed impossible only a few short years ago”.
Earlier on today the Taoiseach promised to put money back in the pockets of “taxpayers, working people, families, pensioners, people on welfare as well as measures to reduce the cost of living”.
But just how does this year’s Budget, delivered this afternoon, affect you?
Donohoe said the Budget would promote fairness and allow for sustained improvements in the standards of people’s lives.
Describing the state of the economy as he began his speech, he said that, at 6.1%, unemployment was at lowest point since 2008. The Budget was part of a process that would help minimise the exposure of the Irish economy to outside risk – including events like Brexit and possible changes to US trade policy.
He would be raising additional revenues worth €830 million, Donohoe said, giving a total Budget Day package of €1.2 billion. Expenditure will receive an additional €898 million and there will be tax reductions worth €335.