Ireland likely to announce tax cuts, extra spending in upcoming pre-election budget

Ireland has earmarked a bumper €8.3 billion package for the forthcoming Budget 2025, before the country goes to the general elections later this year or in 2025.

Releasing the Summer Economic Statement, which outlines the parameters for the October 1 Budget, Finance Minister Jack Chambers said the package comprises additional public spending amounting to €6.9 billion and taxation measures amounting to €1.4 billion.

He further said that low to middle income earners will be a priority “who need to get a break in Budget 2025”.

Additonally, the government has approved €1.5 billion in funding for the health service this year to “account for the need for better quality healthcare and the legacy impact of a post-pandemic and heightened inflationary environment.”

Essentially, this package will increase Ireland’s public expenditure by 6.9 per cent in 2025, again breaking the government’s own budget rule capping spending growth at 5 per cent.

The budget will be the first to be led by Chambers, who assumed his role as Finance Minister just two weeks ago.

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