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MINISTER FOR FINANCE Michael McGrath said today that the Budget 2024 will be “prudent” and will provide “an appropriate level of support to our society and our economy”.
Speaking to reporters before the National Economic Dialogue (NED) in Dublin Castle today, the Finance Minister said the next budget will take into consideration an ongoing review of the personal taxation code, although no policy decision has been made as of yet.
Taoiseach Leo Varadkar, while addressing the NED today, said it was his party’s policy to get to the point that nobody earning less than €50,000 would have to pay the higher rate of income tax.
The dialogue is an integral part of the annual budgetary procedure and provides a platform for discussion on a wide range of issues from key stakeholders.
Addressing the current expected surpluses in the public finances, McGrath said: “It will be a prudent budget but it will also seek to respond to the pressures that are there.
“It will be within certain parameters and one of those parameters is not using windfall, volatile receipts to fund permanent measures.
“That will be one of the anchors of this budget,” he added.
Using windfall tax receipts for long-term, permanent projects was accepted across the political spectrum today.
Minister for Public Expenditure and Reform Paschal Donohoe said it is “so important” to consider the risks when determining how to use the surplus and that government must make sure that future budgets remain affordable.
Donohoe said: “Both of us experienced the political and social cost of what happens when the budget announcements of one year, become unaffordable the next year. And none of us want to see that happen again.”
The minister said: “You can only appreciate their value when you can see the uncertainty and the risks now taking place around us.”
“We still need to be careful. We need to make sure that money we are spending in 2024 is still there for us in 2025 and 2026,” the Minister added.
The Taoiseach said he recognised the advice from the Central Bank and the Irish Fiscal Advisory that windfall tax receipts cannot be used to fund permanent or recurring expenditure commitments.
“But even if you accept the position, we still have plenty of room because of the growth of the economy.”
He said there were false dichotomies in the choices of saving or spending the surplus, as well as whether to reduce taxes or increase spending.
McGrath said his “overarching priorities” for the upcoming budget include the protection of living standards.
“It’s trying to strike the right balance between providing an appropriate level of support to our society and our economy while at the same time not stoking inflation any further,” McGrath said.
“That will involve decisions around taxation and welfare and trying to reduce costs for families.”
He said other priorities include housing and investment in public services and infrastructure
Donohoe agreed that progressing housing will be a “critical element” for the Government when drafting Budget 2024.
“So it’s trying to strike the right balance between providing an appropriate level of support to our society and our economy while at the same time not stoking inflation any further,” McGrath said.
However Varadkar said a “more cautious approach” to the next budget could “push more people into poverty or financial distress” in his address to the dialogue.
An Taoiseach added that the government must not disregard households who face financial difficulties regardless of the state of the economy.
Varadkar said the strength of the economy enabled the government to make a wide range of measures.
“We’re able to reduce income taxes, we’re able to increase spending, we’re able to reduce the debt, we’re able invest more in services and infrastructure, we’re able to set aside money for future problems.
“We can do all of those things, it’s not a choice among them. The choice is a different one; it is the quantum or the split.”
The Fine Gael leader said it was his party policy to get to the point that nobody earning less than €50,000 would have to pay the higher rate of income tax.
Varadkar added: “Whether we can achieve that in the next two budgets, I can’t say.”
As it stands, the higher rate of tax kicks in at income above €40,000.
The Taoiseach said in his opening speech that isn’t is “simply not fair” that average full-time workers are “hit with the higher rate of income tax”.
“And it’s not fair that the tax system erodes any pay increase they do get, or overtime worked,” Varadkar added.
He said that this practice of taxation “isn’t the norm in competitor countries” that much of the younger generations are emigrating to.
Varakdar said: “In line with the Programme for Government, this budget should make substantial progress on lifting the point at which an individual pays the higher rate of income tax and it should also benefit all income tax payers to ensure fairness.
“This will increase take-home pay and will help with consumer confidence and demand. It should also help moderate demands on employers for bigger increases.”
Donohoe said Government has decided to increase capital investment next year and that this had been decided under the National Development Plan.
Tánaiste Mícheál Martin said Fianna Fáil believe there will be a “taxation package” within the upcoming budget but the details of that will be upon the government to side “in due course”.
Martin said: “[Fianna Fáil] want a fair taxation system that all workers will benefit from whatever measures that we bring in.”
McGrath said he expects to index tax credits and bands in the next budget.
He said the economy is close to capacity with record-low unemployment.
“The scarcity of labour is now a key constraint across different parts of the economy. That said, if you do not make any changes to your taxation system, it will remain static at a time of rising incomes.
“In effect, representing an increase in the burden of taxation through the back door.”
He said there was a programme for government commitment to indexing tax credits and bands.
“I expect, given the strong position in our finances, that is a commitment we will again be able to honour in the forthcoming budget.”
Minister for Enterprise Simon Coveney said there had been “extraordinary growth” in job numbers in Ireland.
Asked about job cuts in the technology sector, he said that a lot of global companies have “effectively taken back” the unstable growth and job creation of past year.
“This is obviously something we’re following closely but I would say the motivation behind these decisions is very much driven by global factors, not Irish factors.”
He said the impact of job cuts has hit a smaller percentage in Ireland than the overall tech sector globally.
“We need to stay close to these big firms to understand their thinking and plan for that.”
Minister for Higher Education Simon Harris said he planned to bring forward measures in the budget which would increase flexibility in the education system, change student grant schemes and introduce more short-term and online courses.
He said he was hopeful to reach 9,000 new apprenticeships this year.
An Taoiseach told the dialogue that the economy is in a “much stronger position” and that a record 2.6 billion people are employed in the country.
Varadkar said “there’s a job for everyone who wants one” and that policy currently being developed by the government is aiming to make sure it’s kept as such through improving incomes and wages.
Additional reporting by Muiris O’Cearbhaill
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Context is everything. He didn’t use the word to describe someone; he was repeating what another person experienced.
Clickbait headline.
@Hugh: you clicked first tho …..
@Hugh: I think you need to learn how free to view news sites work
It’s an uncomfortable word to hear spoken with the hard-R but I think in the context of his speech accounting a victim’s abuse he was entirely correct to read it and make the listener uncomfortable.
@Rochelle: it’s a non-story
Pathetic tabloid click baiting. Journal turning into The Sun?
@In fairness now…: what other possible context did you expect him to use that word in? Non story all the same
Only black people can say that word then? What about when people outside of Cork say ‘lang*r”, do you know how that feels for us!..
@Lad: an African American called me n|gger once. I wasn’t brave enough to return the compliment
@Oracle Steve: I was once called it by a white Dublin teenager near Tallaght hospital. Not so much brave in that instance not to return the misappropriation. I’ll wait for the local TD – privileged Paul – to school him on the history of slavery from his d4 tower.
@Oracle Steve: Coming from an African American it would have been a positive reflection on you
@Lad: Sure, ’tis the same. Has the same meaning and all, haha. Dog-whistling racist clown.
@Brynþór Patrekursson: stop that. Telling the truth is wrong
@Lad: wow. Cork is now a race? I did not know that. Since when?
It’s a becoming a bit like the Jehovah scene in Life of Brian
https://youtu.be/Cnn2aGVcCEc
@Ger O’Reilly: Right…. who said that…. come on then…..the next person to ………
@Ger O’Reilly: you’re so right!!! Great clip!
It’s not a nice word to call someone but anyone who gets offended at someone just saying the word and not directing it at anyone is a first class moron. Is there not anything more important for people to be talking about in the Dail?
He hurts us more with his penal taxes he wants to impose on us
This race-baiting has got to stop, its getting way past a joke and has become annoying. I have never met one racist Irish person in my life, not a single one ever.
@Pat Coyne: You obviously have a very low bar for what you term racism. Racism is everywhere and rampant in Ireland.
@Paul Whitehead: what a blind eye I must have Paul. Working in the industry I work in, thousands of members of the public, hundreds of colleagues, over a 35 year period, “everywhere” and “rampant” is most certainly not the case. In fact Paul, I would argue quite the opposite, very much quite the opposite. I can only assume the circle you mix in is one I would quickly change.
@Pat Coyne: Where have you been hanging out?
@Pat Coyne: You haven’t read this thread obviously.
@Pat Coyne: Then you, sir, are a liar or a recluse.
@Pat Coyne:
Pat – your missing the point. The racists are the snowflakes and butterflies who talk it up and make an issue out of very little.
But they are not stupid. For various self-serving interests they want more immigrants who can be identified by colour. Polish are no good- they look the same as Irish.
With a good number of African and Asian you can set up a support group, get money and support yourself very nicely.
You come from a nice background Daddys in business – you want to displace Irish workers with biddable foreigners who work all hours. The fact that they spend little and send their savings home isn’t your problem.
There is a whole string of self-interested reasons for promoting immigration control as racist, which we now see with the DIrect Provision issue hitching on to it.
We have a 5th colum working within, call them out and see how they like it.
@Pat Coyne: really? Are you deaf and blind? racism exists in all levels of society in the majority of countries in the world.
Read any article about a dp centre opening in a town and you will find comments left right and centre usually along the lines of ” i’m not a racist but…….”
We’re even racist towards our own people, the level of anti Dublin hatred, dislike or whatever you want to call it is huge and vice versa.
Racism will always exist whether we like it or not.
Oh God save us from Ryan and his woke brethren !
@DMC: woke off
He quoted a piece that read n*****. How in the name of God was he supposd to address the issue without actually saying it? I mean for f f s /. To top it off he used the word in favour of anti racism.
Nothing to see here for Godssake
@colm mc sweeney: That makes no sense. Everyone would have known what word he meant if he just hinted at it. There was no advantage to him saying it.
FEAR is typically the primary reason that people don’t use the N word any more. It doesn’t seem to be out of respect or empathy towards a race of people.
It’s as if people of non-Irish descent feel that they don’t need to gain respect from their fellow citizens, that they are entitled to respect by default.
You were not wrong, grow a pair and stand up for yourself.
Because you are not standing up for yourself, I cannot fathom you being in government.
You are not a leader
His apology isn’t enough. He needs to volunteer to be a black families slave for twelve years.
Django Ryan
The greens, a special kind of cult.. creeps.
By the same token all radio stations that use rap songs that use the word should apologize and ban all such songs. First up radio 2.
G0bshite!
Genuine question. Why do black people use this word a lot.?
@Davy: Because they are black and can use it, but only among other black people. It is widely used in the USA and the series ‘Power’ used it about 50 times per episode.
@Davy: good question they use it all the time
@Davy: it’s a double standard, I don’t think anyone should say it.
@Tony Harris: Yes
@Paul Whitehead: So what youre saying is youre comfortable watching some tv show where the word is constantly used, but would be offended if someone you know repeated the word. Got it.
@Davy: Genuine answer: it’s why Irish people jokingly refer to ourselves as Paddies or Micks. Comprendre?
@Pauline Gallagher: I didn’t watch that series due to the language, can’t stand that word being used by anyone
@Niall Byrne: bull, I’ve never heard any of my family or friends use those terms to describe Irish people. They are offensive and derogatory and should not be used
@Niall Byrne: So it’s a joke..?
Part of me thinks that he used the word just so that he could apologize.
@Damon16: he shouldn’t apologise he used the word in a debate about racism…
I find it annoying that those who use it most seem to be the ones offended ….
I’d fell safer using the “n” word than calling an Irish woman pale or very white
The world is losing (has lost?) its collective mind!
He didn’t use the word, he quoted it. And all these outpourings of righteous indignation and sanctimony won’t do a thing to combat racism.
I don’t like black jellybabies… am I a racist
We watched the box series of The Wire in our politically-correct household and it took weeks for us to stop using ‘motherf—-er’ and the N word.
Perhaps there is no magic in any word, only in its usage and quoting some ignorant racist is not the same as using it as an insult.
As a child, the word Jesus had special power and could not be used without bowing the head. Now it is in common usage as an exclamation of surprise.
The context of this has to be taken into account.
Plonker! If that’s his political judgment God help Ireland if he gets his grubby hands on power!!
@Niall Sheridan: He already did and it didn’t work out so well.
Bye bye Eamonn
God anything can make them cry for god sake
it’s time to call stop on everything being seen as racial. The stupidity of making “Gone With The Wind
Racial is wrong. We cannot wipe out history as this teaches us what not to do today
Apology accepted from the Elected Member of OUR Dáil, Now move on.
@James Keogh: turn ablind eye when it suits your agenda . . . Seems to be the trend lately alright
@Nowa Huta: He was quoting from an article on the Irish Times, he unfortunately used letters to fill in where there were asterisk’s,
definitely a mistake and nothing else.
S***le, or to expand SIMPLE
I listened to him say it and thought “nope, he should not of said that”.
Ryan’s only mistake was his apology.
Aimin gets his nickers in a knot now and then
I know the answer. But I’ll ask it anyway,Can anybody please explain the problem with the word?
I knew there was a reason why Eamon hated coal so much.
Lost what respect I had for him for apologising for repeating the remark he was only using to emphasise the point. Too many apologies in politics not enough leadership
Keep back peddling so you can impose your tax regime in government.
He knows that he shouldn’t have ever said it yet he did .an on dail record. Time to get rid of the greens
Are judges allowed to say it? Solicitors, barristers, witnesses, etc?
Rex Kramer , danger seeker
I wonder how many of the people who object to Ryan quoting the word, are in fact non-white. It’s the worst kind of virtue signalling to be outraged at this. Let us fight the real enemy, racism. Eamon Ryan is not racist.
He will go down well with the CARETAKER ADMINISTRATION he is joining
Is there an official list of the banned words?
Obviously Jehovah is banned. Any others?
How about we all lay off Eamon Ryan and concentrate on the real issue …..why was anyone called the n word in the first place. People are using this as a stick to beat Eamon Ryan with and distracting from the issue of racism and racist attitudes in Ireland.
Ryan is an embarrassment to any political party.
He would be a great embarrassment in Government if he was a Minister
Eamon, Don’t fancy your chances with this 1… the mob want victims, especially from the merc and perk brigade
It was in his mind my parents taught all of us not to say that word .We would be in serious trouble with them .How the hell did he say it man no excuse . .
Wow. Just wow. That word actually meant royalty in some african tribes where most of the strong ‘slaves’ with royal blood were stolen from and was used by slave ‘owners’ to demean them. Black Americans reclaimed it and when most say it, it’s not derogatory. But none black peoples have no right to use the word in ANY context.
Those of you saying kids hear it all the time, it’s your job as parents to make sure they don’t listen to explicit lyrics and to teach them not to use it otherwise you’re obviously failing as a parent. This country uses load of curse word but do your kids go around calling everyone a c***?
Y’all need to stop being ignorant and actually take accountability for how you raise your kids and what you say ffs.
A slip of the tongue.
No harm intended.
I am aware of a teacher in England who,lost his job for using the “N” word.
He was teaching Spanish.
The Spanish for Black couloir is “N”
How crazy the world is…… but we still kill babies ….. we call murder…..abortion.
People don’t die anymore…. they “pass away”
Censorship is an attack on the right to freedom of speech. Ppl should never incite racism or hatred nor should they direct it at another member of society.
have your say