Watch: Budget 2024 helps those who need it most, says McGrath
Responding to critics who say Budget 2024 has not gone far enough to help those struggling with the cost-of-living crisis, Finance Minister Michael McGrath and Public Expenditure Minister Paschal Donohoe said the measures are targeted to help those who have the lowest income. Picture: Liam McBurney/PA Wire
Budget 2024 will prove to be a fair and progressive budget, the Finance Minister has said.
Speaking to the following today's budget announcement, Michael McGrath said that the people who need the most help are getting the most help through both the core measures and the one-off cost-of-living package.
"We sought to provide help now while unduly adding to inflation," he said.
The minister said that he was particularly happy to have announced the Future Ireland Fund, and the Infrastructure, Climate, and Nature Fund.
The two long-term funds are to be set up to put corporation taxes aside for future measures across health, pensions and climate change.
He said his Department now estimates that the "windfall" corporation tax receipts stand at around €10bn to €12bn.
"The opportunity we have now to build up a large fund will make life better for everybody in the future because if we don't do that, in the coming years as our population changes and our demographics shift, we would be looking at very significant increases in tax."
Mr McGrath pointed to the National Development Plan and the Public Capital Programme which he said will translate into more investment in homes, public transport, roads, education, and healthcare.
Responding to critics who say Budget 2024 has not gone far enough to help those struggling in the face of rising inflation and the cost-of-living crisis, Minister for Public Expenditure Paschal Donohoe said the measures are targeted to help those who have the lowest income.
"I appreciate that there are so many groups here today and around Leinster House who will always make the case for more but we have just brought forward another really big Government budget that is increasing Government spending by over €5bn."
He said that the measures are planned to arrive for people when they need it most.
Budget 2024 proves that affordable changes and taxation can have a good impact on the standard of living at a time in which inflation is going up, said Mr Donohoe.
He dismissed reports that the health budget was a source of contention between himself and the Minister for Health, Stephen Donnelly, saying relations between them could not be stronger.
"The meetings that we had were both of us focusing on how we could make good use of taxpayers money while continuing to meet the health needs that are there."
