Fianna Fáil TD for Cavan and Monaghan, Brendan Smith has welcomed the publishing of this year’s Summer Economic Statement, which contains spending and tax measures equal to €6.7 billion.
Deputy Brendan Smith commented, “The increase in core spending by 6.5 percent reflects the current inflationary pressure people are feeling, along with the impact of higher energy prices on the most vulnerable groups in our society.”
The Cavan and Monaghan TD added: “Fianna Fáil in Government are acutely aware of the difficulties people are experiencing at present and this year’s Summer Economic Statement reflects a greater strategy to help ease the personal financial burden as much as possible.”
The Government is now adapting the strategy – on a once off basis - in this year’s Summer Economic Statement. To protect public services and incomes, core spending will now increase by 6.5 per cent next year. Over the medium term (2024-2025), as inflation pressures moderate, core expenditure growth will be allowed to return to a rate of 5 percent per annum.
Budget 2023 will provide for an overall package of €6.7 billion; this has been calibrated to balance the need to provide further support with the need to avoid adding to inflationary pressures.
The overall package will be composed of additional public spending amounting to €5.65 billion and taxation measures amounting to €1.05 billion. This is an increase of €2.2 billion relative to what was originally provided for, and will ensure that fiscal support is provided to households to help with the higher cost of living which is a huge burden for families today.
