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Budget 2022 live: Paschal Donohoe outlines multibillion spending package

admin | October 12, 2021
budget-2022-live:-paschal-donohoe-outlines-multibillion-spending-package

Summary Minister for Finance Paschal Donohoe is setting out his plan for the Irish economy in a speech to the Dáil It is expected that pensions and most social welfare rates, including the weekly fuel allowance, will rise by €5 a week, and a full Christmas bonus will be paid Ministers are also expected to announce half price public transport for students or anyone aged 19-23 Taoiseach Micheal Martin said the budget will “consolidate” the State’s economic recovery as it emerges from the Covid-19 pandemic 13.25

The reduced VAT rate of 9 per cent for the hospitality sector will remain in place until the end of August 2022, Mr Donohoe tells the Dáil.

He announces an income tax deduction for those working from home, amounting to 30 per cent of the cost of the aged expenses for gas, electricity and broadband while working from home.

The minimum wage is set to rise by 30 cent to €10.50.

13.20

The Minister for Finance says the budgetary package will total €4.7 billion, in line with the summer economic statement.

He says the pandemic is still with us and the Government has made provision for this. Some temporary support schemes will continue.

The Employment Wage Subsidy Scheme will remain in place in a graduated form until April 30th, 2022 – six months after the lifting of most public health restrictions.

13.15

The strong rebound in domestic activity has been accompanied by rising inflationary pressures, Mr Donohoe says.

Overall, he says 400,000 jobs will be added to the economy between this year and next, with employment expected to reach and exceed its pre-pandemic level during 2022.

“This performance by any measure represents a remarkable rebound in our jobs outlook,” he says. “We are recovering.”

13.05

Minister for Finance Paschal Donohoe begins his Budget statement to the Dáil with reference to the Covid-19 pandemic and its effects on the economy.

“Many lives were lost, many livelihoods were ruined”, he says. He commends the bravery and fortitude of people across Ireland.

He says the economic supports put in place during the pandemic worked and the response was strengthened by the European Union.

He says the economy is now entering a new phase – recovering from the pandemic, restoring public services and living standards and preparing the public finances for future events.

12.55

What to expect The Minister for Finance will begin his Dáil speech within the next few minutes, and we already have some indication of what he will talk about.

There will be a focus on addressing rising cost-of-living pressures, as well as housing, childcare and climate action.

Of the €4.7 billion package, €1 billion is said to be available for new spending and €500 million is for tax measures.

Read here for a full summary of what to expect from Budget 2022.

12.45

Welcome to our live coverage of Budget 2022.

Minister for Finance Paschal Donohoe and Minister for Public Expenditure Michael McGrath will deliver their speeches in the Dáil chamber from 1pm.

We’ll cover their speeches in full here, along with the initial response from the main opposition party, Sinn Féin, and its spokespeople Pearse Doherty and Mairead Farrell.

You can watch a live video of events in the Dáil at the top of this page.

Thanks for following along with us.

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