Connect with us

Hi, what are you looking for?

Finance

Ireland to increase public spending by nearly 7% in pre-election budget

The Irish government has announced a nearly 7% increase in public spending as part of its pre-election budget. This move comes despite a previously set rule in 2021, which capped public spending growth at 5% annually. The government cites a faster-than-expected population increase as the primary reason for this deviation.

Finance Minister Jack Chambers stated, “There remains the continuing need to improve public services and infrastructure, particularly in the context of a growing population and economy. The government has adapted its fiscal strategy to take account of this, to support the continued delivery of better healthcare services as well as accommodate higher capital spending.”

The Summer Economic Statement outlines the parameters for the October budget, which will be the last before the upcoming election, required to take place by the end of March.

The overall budget package will total €8.3 billion (£7 billion), with €6.9 billion (£5.82 billion) allocated for spending and €1.4 billion (£1.18 billion) for taxation measures. Day-to-day spending is set to rise by 6.4%, while infrastructure and investment spending will see a 10.6% increase.

Additionally, the health service will receive an extra €1.5 billion (£1.27 billion) this year. This follows news that the Irish Department of Health anticipates a €1.1 billion (£845 million) overspend this year.

Public Expenditure Minister Paschal Donohoe explained that more than €5 billion (£4.22 billion) of the additional spending is earmarked to cover existing service levels, including costs from pay deals and previously decided infrastructure projects. Approximately €1.8 billion (£1.52 billion) will fund new measures to be announced in the budget.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Stock Markets

REUTERS PHILIPPINE SHARES climbed for a fourth straight day on Thursday, tracking Wall Street’s overnight rise, as bargain hunting continued ahead of the central...

Stock Markets

FREEPIK THE NATIONAL Economic and Development Authority (NEDA) Board, chaired by President Ferdinand R. Marcos, Jr. has approved a P16.1-billion digital infrastructure project that...

Stock Markets

THE Board of Investments (BoI) said on Wednesday that it approved a P125-million project that will produce steel frame modules for structural building system....

Stock Markets

By Chloe Mari A. Hufana THE REGIONAL Tripartite Wages and Productivity Board (RTWPB) has approved a P35 minimum wage hike for workers in the...

Disclaimer: CaptainOfSuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Captain Of Success. All Rights Reserved.