The budget for 2023 is expected to be ready and signed off today.
And as the cost of living crisis is being felt by most people across the country by now, many are eagerly awaiting what they are at least hoping will be
some good news for next year's budget.
Speaking on his way into the talks last night, Finance Minister Paschal Donohoe told
Newstalk that the Government is “very much aware” of the difficulties facing households and businesses.
“We worked very intensively to look at ideas and options that will provide support, particularly as we move into winter,” he said.
“We are very much aware of the concerns many have regarding the cost of living in their homes and both of us are very much aware of the needs that businesses have.”
Budget 2023 – what can families expect?
Negotiations on the €14bn budget package continued late into the night ahead of tomorrow’s announcement at Leinster House.
The package is expected to include a large increase in the rate at which people pay the top rate of tax.
Currently the 40 percent rate kicks in on income above €36,800; however, ministers are expected to raise that by €3,200. There will be a similar increase for married couples and those in civil partnerships, for whom the rate currently stands at €45,800.
The budget is expected to include energy credits of €600 for all households and a double child benefit payment in November, as well as double payments of several other supports.
In general, social welfare payments are likely to increase by between €10 and €12 a week.
Childcare costs are also set to be reduced, however, the details of this are not yet known.
Meanwhile, from next year, parents will no longer have to pay for school books, as starting in September 2023, all primary school children will get textbooks for free, with class sizes also set to be reduced.
A €500 cut in college fees is also expected, reducing the current college contribution charge from €3,000 to €2,500.
