Written Answers Nos. 71-100
71. Deputy Pearse Doherty asked the Minister for Transport if an update can be provided regarding the status of the TEN-T project, which will fund three sections of road in County Donegal; and if he will make a statement on the matter. [30077/23]
View answerAs Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the planning, design and construction of individual national roads is a matter for Transport Infrastructure Ireland (TII), in conjunction with the local authorities concerned. This is also subject to the Public Spending Code and the necessary statutory approvals. In this context, TII is best placed to advise you.
Noting the above position, I have referred your question to TII for a direct reply. Please advise my private office if you do not receive a reply within 10 working days.
73. Deputy Matt Shanahan asked the Minister for Transport if he will provide details of the funding allocated to the N24-N25 project for the years 2019, 2020, 2021, 2022 and 2023, in tabular form; and if he will make a statement on the matter. [29767/23]
View answerAs Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Once funding arrangements have been put in place with Transport Infrastructure Ireland (TII), under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the planning, design and construction of individual national roads is a matter for TII, in conjunction with the local authorities concerned. This is also subject to the Public Spending Code and the necessary statutory approvals. In this context, TII is best placed to advise you on the current status and funding of all projects on the N24 and N25.
Noting the above position, I have referred your question, on this occasion, to TII for a direct reply. Please advise my private office if you do not receive a reply within 10 working days.
74. Deputy Duncan Smith asked the Minister for Transport if he will meet with a campaign group (details supplied) to discuss development of the south-east rail network; and if he will make a statement on the matter. [30225/23]
View answerAs the Deputy may be aware, the All-Island Strategic Rail Review is being undertaken in cooperation with the Department for Infrastructure in Northern Ireland. It will inform the development of the railway sector on the Island of Ireland over the coming decades, including in the South East. Minister Ryan has previously met with representatives of the group to discuss their views on the development of rail in the south east.
The Review is considering the future of the rail network with regard to improving sustainable connectivity between the major cities (including the potential for higher/high-speed rail), enhancing regional accessibility, supporting balanced regional development, and rail connectivity to our international gateways. This also includes the role of rail freight.
The Review is considering the scope for improved rail services and infrastructure along the various existing, or potential future, corridors of the network, including disused and closed lines such as the Wexford to Waterford line.
Work on the Review is now at an advanced stage and it is expected that a draft will be published for the purposes of Strategic Environmental Assessment (SEA) public consultation in July. Following the SEA process and finalisation of the report, it is expected that it will be submitted for my approval and the approval of the Government , as well as to the Minister for Infrastructure in Northern Ireland. Should there continue to be an absence of Ministers in the NI Executive, approval will be considered taking into account the decision-making framework set out in the Northern Ireland (Executive Formation etc.) Act 2022 or relevant legislation in place at the time. .
It is expected that the final Review will be published in the autumn of 2023.
75. Deputy Violet-Anne Wynne asked the Minister for Transport if he will provide an update with respect to future rail transport plans in County Clare; and if he will make a statement on the matter. [30154/23]
View answerAs the Deputy may be aware, there are two important aspects to the issue of future rail in County Clare.
The first is the proposals set out in the Limerick-Shannon Metropolitan Area Transport Strategy (LSMATS) which was published by the National Transport Authority (NTA) on 1 December 2022. The LSMATS was prepared by the NTA in collaboration with Limerick City and County Council, Clare County Council, and Transport Infrastructure Ireland, with the cooperation of Iarnród Éireann. The LSMATS sets out an ambitious range of measures in relation to the future development of a Limerick Commuter Rail Network, extending to Ennis in County Clare, and the implementation of those measures over the lifetime of the Strategy which extends to 2040.
The second aspect is the All-Island Strategic Rail Review, which is being undertaken in co-operation with the Department for Infrastructure in Northern Ireland. It will inform the development of the railway sector on the Island of Ireland over the coming decades, including the Limerick to Galway line in County Clare.
The Review is considering the future of the rail network with regard to improving sustainable connectivity between the major cities (including the potential for higher/high-speed), enhancing regional accessibility, supporting balanced regional development and rail connectivity to our international gateways. This includes the role of rail freight. The Review is also considering the scope for improved rail services and infrastructure along the various existing, or potential future, corridors of the network including disused and closed lines.
Work on the Review is now at an advanced stage and it is expected that a draft will be published for the purposes of Strategic Environmental Assessment (SEA) public consultation in July. Following the SEA process and finalisation of the report, it is expected that it will be submitted for the approval of the Minister for Transport and Government in the autumn, as well as to the Minister for Infrastructure in Northern Ireland. Should there continue to be an absence of Ministers in the NI Executive, approval will be considered taking into account the decision-making framework set out in the Northern Ireland (Executive Formation etc.) Act 2022 or relevant legislation in place at the time.
It is expected that the final Review will be published in the autumn of 2023.
76. Deputy Peadar Tóibín asked the Minister for Transport the number of times he has met with the CEO of Irish Rail-Iarnród Éireann since he took office. [29446/23]
View answerThe information requested is set out in the following table.
|
Date of Meeting |
Details |
|
19th February 2021 |
Iarnród Éireann Strategy Webinar |
|
7th February 2022 |
Irish Rail: Work Programme and Acceleration of Project Delivery |
|
15th February 2022 |
Call with Irish rail CEO regarding 20% fare reduction |
|
20th of May 2022 |
Meeting with MTR UK and Irish Rail |
|
2nd of December 2022 |
Meeting with Irish Rail regarding public transport deliverables |
|
7th of February 2023 |
Meeting with Irish Rail to discuss freight strategy |
77. Deputy Matt Carthy asked the Minister for Transport if he will meet with the members of Monaghan County Council to discuss the need for additional funding in 2023 for the N2 road schemes. [30079/23]
View answerAs Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Once funding arrangements have been put in place with Transport Infrastructure Ireland (TII), under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the planning, design and construction of individual national roads is a matter for TII, in conjunction with the local authorities concerned. This is also subject to the Public Spending Code and the necessary statutory approvals. In this context, TII is best placed to advise on the current status and funding proposed projects on the N2.
Noting the above position, I have referred your question, on this occasion, to TII for a direct reply as to the current status of these schemes. Please advise my private office if you do not receive a reply within 10 working days.
In relation to a meeting with Monaghan County Council, I do not currently have any meetings planned with the Council, however, any diary requests can be sent to ministerdiary@transport.gov.ie and will be dealt with in line with all other meeting requests.
78. Deputy Alan Farrell asked the Minister for Transport to provide an update on the implementation of BusConnects for Swords, County Dublin, and Malahide, County Dublin, respectively; and if he will make a statement on the matter. [30190/23]
View answerAs Minister for Transport, I have responsibility for policy and overall funding in relation to public transport. In both of those areas there have been significant developments since this Government came into office, with last year's publication of a new Sustainable Mobility Policy and its five-year action plan providing strong policy support to the continued expansion and enhancement of bus services. I am also delighted to say that this strong policy support has been backed up by increased levels of Exchequer funding, which is supporting the roll-out of initiatives such as BusConnects Dublin.
The National Transport Authority (NTA) has statutory responsibility for the planning and development of public transport infrastructure in the Greater Dublin Area, including BusConnects Dublin.
Noting the NTA's responsibility in the matter, I have referred the Deputy's question to the NTA for a direct reply. Please contact my private office if you do not receive a reply within 10 days.
79. Deputy Thomas Gould asked the Minister for Transport for an update on the Northern Ring Road project in Cork. [30088/23]
View answerAs Minister for Transport, I have responsibility for overall policy and exchequer funding in relation to the National Roads Programme. Under the Roads Acts 1993-2015 and in line with the National Development Plan (NDP), the planning, design and construction of individual national roads is a matter for Transport Infrastructure Ireland (TII), in conjunction with the local authorities concerned. This is also subject to the Public Spending Code and the necessary statutory approvals. In this context, TII is best placed to advise you on the status of this project.
Noting the above position, I have referred your question to TII for a direct reply. Please advise my private office if you do not receive a reply within 10 working days.
93. Deputy Gino Kenny asked the Minister for Finance if he will announce in budget 2024 the abolition of the universal social charge for those earning under €100,000 per year; and if he will make a statement on the matter. [30169/23]
View answerThe Universal Social Charge (USC) was designed and incorporated into the Irish taxation system in 2011 to replace two other charges, namely the Health and Income Levies. The primary purpose of the USC was to widen the tax base and to provide a steady income to the Exchequer to provide funding for public services.
The USC is an individualised tax, meaning that a person’s liability to the tax is determined on the basis of a person’s own individual income and personal circumstances. It is a more sustainable charge than those it replaced and is applied at a low rate on a wide base, which ensures that it is a stable and sustainable source of revenue for the State.
It is important to point out that in 2016, joint Department of Finance/Economic and Social Research Institute (ESRI) research found that USC represented a more stable form of revenue than income tax. The findings highlighted that USC revenues would fluctuate by less than income tax revenues whenever income is volatile. Given the openness of the Irish economy and consequent susceptibility to economic shocks, the contribution that the USC makes to the stability of the State’s revenue sources is considerable.
It is also important to note that the USC yield is c. €5 billion (projected €5.2 billion for 2023). If the USC were to be abolished it would be necessary to generate this yield from alternative sources.
Currently, there is an exemption from USC for any individual who earns less than €13,000 per annum. It is estimated that in 2023, over 1.14 million taxpayer units (or 35% per cent of all taxpayers units) will be exempt from USC, which includes part-time workers earning less than €13,000 per annum, persons in receipt of small occupational pensions of less than €13,000 per annum, and taxpayers in receipt of state pension income only.
In regards to the Deputy’s proposal, I am advised by Revenue that the cost of increasing the USC exemption limit to €100,000 in 2023 would be approximately €2.6 billion and it would result in the removal of approximately 1.86 million additional taxpayer units from the USC.
As such, this proposal would give rise to a shortfall of approximately €2.6 billion that would have to be generated from alternative sources. Furthermore it would significantly narrow the tax base, leaving our public finances vulnerable to external shocks.
As such, I have no plans to abolish the USC for individuals earning less than €100,000 per annum.
94. Deputy Barry Cowen asked the Minister for Finance for an update on the review of the personal tax system; and if he will make a statement on the matter. [30034/23]
View answerAs the largest annual source of revenue for the Exchequer, personal income taxes make a significant contribution to our public finances. It is desirable that the personal tax system should maintain the characteristics of stability and resilience in terms of its contribution to the total taxes collected by the State. The personal tax system also has an important role in supporting a competitive economy.
As signalled in Budget 2023, the Government is committed to a review of the personal tax system, having regard to the medium term. My Department has been tasked with carrying out this review. As the Deputy may be aware, on the 8th March, I launched a public consultation in respect of the review of the personal tax system, with the consultation period closing on the 5th April.
The terms of reference for the review were also published. In broad terms the review will encompass:
• A strong focus on the Programme for Government commitments relating to income tax and USC, such as indexation, and the progress made to date on achieving these commitments;
• Further analysis of the introduction of an intermediate or third rate of income tax, building on the work of last year’s Tax Strategy Group;
• Further analysis of the recommendations of the Commission on Taxation and Welfare directly relevant to income tax and USC; and
• An international comparative analysis of Ireland’s personal tax system compared to other jurisdictions.
My officials are currently progressing the review in line with the terms of reference. As this work is ongoing, I am not currently in a position to outline the specificities of the analysis to the Deputy. However, I look forward to receiving and considering the report in due course.
95. Deputy Aindrias Moynihan asked the Minister for Finance what measures are being taken to ensure any policy responses to international inflation do not embed inflationary expectation into the domestic economy, to ensure our competitiveness; the domestic reforms being considered to boost productivity and reduce costs; and if he will make a statement on the matter. [30150/23]
View answerGovernment has responded swiftly and decisively to the cost of living challenge. A number of fiscal supports have been implemented over the past year aimed at supporting businesses and households most adversely impacted by inflation without inadvertently adding to inflationary pressures. For example, Government introduced the Temporary Business Energy Support Scheme (TBESS) to support businesses faced with increased energy bills. The targeted and temporary nature of many cost of living supports are an explicit effort to prevent inflationary pressures being compounded by government intervention.
Despite the magnitude of the inflationary pressures we have faced over the last year, the Irish economy has remained remarkably resilient and competitive. The labour market has performed remarkably strongly, with record-low levels of unemployment and over 2.6 million people in employment. Furthermore, Ireland remains an attractive location for foreign direct investment (FDI), reflecting our highly educated workforce and continued reputation as a stable and pro-enterprise economy internationally.
I am also pleased to report that inflation has passed its peak and is now on a downward trajectory, primarily as a result of significant easing in wholesale energy markets. Despite this, ‘core’ inflation (excluding energy and unprocessed food) has remained stubbornly persistent. As the economy operates at full employment, there is a real risk that a wage-price spiral could emerge which would damage our competitiveness and undermine the productive capacity of the economy.
While the economy has shown remarkable resilience during this inflationary period, my Department is acutely aware of the continued adverse impacts of inflation and heightened price levels on households and businesses. Government continues to monitor risks to the outlook on an ongoing basis and stands ready to take the necessary steps to mitigate these risks.
96. Deputy Holly Cairns asked the Minister for Finance the steps he is taking to address rate insurance premiums faced by SMEs. [29564/23]
View answerAs the Deputy will appreciate, neither I, nor the Central Bank of Ireland, can direct the pricing or provision of insurance products. This position is reinforced by the EU Single Market framework for insurance (the Solvency II Directive).
Nevertheless, this Government recognises that insurance costs remain a significant issue for certain SMEs, and has therefore continued to prioritise reform of this sector via the whole-of-Government Action Plan for Insurance Reform.
A key ongoing reform, which is of particular relevance for SMEs, is legislating to rebalance the “common duty of care” via amendments to the Occupiers’ Liability Act 1995. This Department of Justice legislative change is expected to be passed this summer and should help to reduce frivolous claims proceeding to litigation. In time, cost savings from reduced claims should also help to lower premiums for businesses, particularly those engaged in high-risk/heavy-footfall areas, where claims associated with ‘slips, trips and falls’ are more prevalent.
In my engagement with industry, I have stressed the need for insurers to reflect all savings from this wide-ranging Action Plan via reduced premiums, and to increase their risk appetite. There are clear signs that the market is responding to the reform agenda, such as incumbent insurers expanding their product offerings into areas including SMEs. It is the Government’s intention that further improvements will emerge as the reforms continue to take effect over time across the market.
According to the Central Bank of Ireland's NCID last Report on Employers’ Liability (EL), Public Liability (PL) and Commercial Property insurance, 57 per cent of package policies were for a premium of less than €1,000, and 92 per cent of policies had a premium of less than €5,000. This would appear to indicate that for the vast majority, premiums seem broadly within a range with what one might expect for the size and distribution of businesses.
I understand the next NCID Report on Employers’ Liability (EL), Public Liability (PL) and Commercial Property Insurance covering 2022 will be published in Q4 this year. A mid-year report due next month will cover first six months of 2022 and include data on the cost and numbers of claims, and channel of settlement.
However, I acknowledge that certain difficulties remain in this sector. I am therefore committed to working with colleagues to complete outstanding reforms, and monitoring their impact through the NCID, with a view to achieving improvements in both the cost and availability of cover for SMEs.
97. Deputy Pádraig Mac Lochlainn asked the Minister for Finance his views on the situation facing mortgage holders whose loans are held by vulture funds; and what action could be taken to reintegrate them into the retail banking mortgage market. [30222/23]
View answerResearch has indicated that there is potential for existing mortgage holders to make mortgage savings by switching their mortgage. This is a particularly important consideration at a time of rising interest rates.
In this regard I have met with the CEOs of the retail banks and a number of non-bank lenders where I emphasised that they should take a consumer focused approach to encourage switching where possible.
On behalf of my Department, the Economic and Social Research Institute (ESRI) is currently carrying out work which will inform the development of tools to promote switching. However the ESRI’s work also serves to highlight consumer inertia as a critical issue which deserves further attention.
The Competition and Consumer Protection Commission (CCPC) and Money Advice and Budgeting Service (MABS) also play an important role in informing consumers about the options available to them.
On 6 June, the Banking and Payments Federation of Ireland (BPFI) and MABS announced the expansion of their 2017 BPFI-MABS Framework Agreement for Late-Stage Mortgage Arrears. Going forward, the agreement will include all customers from pre-arrears to late-stage arrears. The BPFI has also launched a new online resource DealingWithDebt.ie, which provides information on the best action to take if customers are experiencing difficulties meeting their mortgage or other repayments. As well as key contacts for lenders and credit servicing firms and independent consumer support bodies.
It is also a priority for me to ensure that the regulatory framework supports borrowers in the mortgage switching process. In the context of the review of the Consumer Protection Code, I have indicated that the Central Bank should review the existing regulatory provisions and consider whether more dedicated mortgage switching resources, such as a standalone mortgage switching code, could better encourage and facilitate switching in the mortgage market.
In that context and the rise in the cost of living more generally, the Central Bank wrote to all regulated firms last November to set out its expectations on how regulated firms should support their customers.
With respect to mortgages, the Central Bank is especially focused on ensuring that firms have the resources and arrangements in place to assess applications from existing and new or switching borrowers in a manner that is timely and based on prudent lending standards applied consistently across all applicants.
The Central Bank is also scrutinizing the switching and lending activity of the retail banks to ensure there is no discrimination based on who a borrower's current creditor is and it has confirmed that the work identified no evidence to date of such discrimination.
I have been informed by the Central Bank that it is of the view that there is more capacity in the system for borrowers to switch than is being availed of – including for borrowers at non-lending firms – although credit criteria will play a role in a borrower’s ability to switch.
The Central Bank’s work includes following-up with firms to see that they use all the protections of the Code of Conduct on Mortgage Arrears to the fullest extent (including with respect to pre-arrears cases). The Central Bank continue to believe that firms can go deeper into their suite of options to support borrowers in, or facing, arrears.
The Central Bank’s work includes both firm-specific and industry-wide engagement on how the system is responding to this challenge.
They are engaging with industry on areas where consumers could be better supported through greater coordination among participants (including with switching) and where the information or options available to affected consumers could also be enhanced.
98. Deputy Richard Boyd Barrett asked the Minister for Finance if he will introduce new obligations on the recipients of section 481 film tax relief to end the use of buy-out contracts for performers, writers and artists which deny them their IP rights under copyright law, and a further obligation on producer company recipients of the credit to take direct responsibility as the employer for film crew on film productions so that their rights under fixed-term workers' legislation can be vindicated; and if he will make a statement on the matter. [30201/23]
View answerI am aware of the recommendations made by the Oireachtas Committee on Budgetary Oversight as part of its recent examination of the section 481 film tax credit and of the recommendations made therein.
In relation to the intellectual property rights, I would note that copyright law falls within the remit of the Department of the Enterprise, Trade and Employment (DETE). Notwithstanding this, my officials have engaged with the stakeholders concerned, including representative bodies for actors and performers, to gain an understanding of the issue.
Copyright is relevant for many workers in the film sector, including authors, producers and broadcasters in addition to actors, and as I have recently stated, I have been informed that Screen Ireland has engaged an independent facilitator to meet with key stakeholders to understand the various perspectives of those concerned. Individual stakeholder meetings have recently been held and the next phase will progress to group discussions, and I look forward to the outputs from this process.
In relation to employment rights, the Deputy will be aware that changes were made to the film tax credit to reinforce the requirement to adhere to employment rights legislation. As part of the cultural certification process, an applicant company is required to submit an undertaking of compliance with all relevant employment legislation. This commits applicants to compliance with all relevant employment legislation in relation to the film being certified. These conditions are to be met not just by the producer company but also by the designated activity company for each production.
In relation to any specific workplace disputes, the Workplace Relations Commission (WRC) and the Labour Court are the organs of the State tasked with the resolution of such matters. It is appropriate that any relevant claims should be referred to these bodies for adjudication.
It worth noting that copyright legislation applies regardless of whether it is referenced as part of the application process for section 481 or not. If there are issues with copyright law as it currently applies, as stated, this is a matter for the Department of Enterprise, Trade and Employment.
99. Deputy Jackie Cahill asked the Minister for Finance how he proposes to maintain a secure, sustainable and progressive tax base; and if he will make a statement on the matter. [30041/23]
View answerThe primary purpose of taxation is to finance public expenditure. The size and composition of aggregate tax receipts have undergone significant change over the last two decades. Prior to the financial crisis, tax receipts were increasingly skewed towards transitory taxes, with a significant narrowing of the remaining tax base. On foot of the need for fiscal consolidation, a range of structural tax changes were implemented between 2009 and 2014 to raise revenue, and to specifically address the structural weakness, within the Irish taxation system that had contributed to the financial crisis. Some of the important structural reforms included the introduction of the Universal Social Charge in 2011 and the Local Property Tax in 2013. Additionally, a carbon tax was introduced and significant progress was made in phasing out and curtailing many tax expenditures. As a result, the tax base was widened considerably and re-oriented towards more stable revenue streams.
As the largest annual source of revenue for the Exchequer, personal income taxes make a significant contribution to our public finances. It is desirable that the personal tax system should maintain the characteristics of stability and resilience in terms of its contribution to the total taxes collected by the State. Ireland has one of the most progressive personal income tax systems in the world, which plays a crucial role in the process of income redistribution. Our redistributive tax system has been acknowledged by the IMF, the OECD and the ESRI.
In 2022, corporation tax receipts are the second largest source of revenue to the Exchequer. Corporation tax is a volatile and potentially unreliable revenue stream given the highly concentrated nature of corporation tax receipts, which has the potential of leaving the public finances vulnerable to external factors. Analysis by my Department indicates that some €12 billion, half the projected corporation tax yield this year, is ‘windfall’ or ‘excess’ in nature.
As you will be aware, this Government is working to mitigate this risk. As such, €6 billion in windfall corporation tax receipts have been transferred to the National Reserve Fund to rebuild our fiscal buffers and ensure that these receipts are not used to fund permanent expenditure commitments. My Department has also published a scoping paper which sets out a number of proposals for a longer-term investment vehicle. This will enable Government to use some of this windfall to prepare for the structural fiscal challenges on the horizon, including the costs associated with an ageing population. Discussions on the design of such a fund are well underway and I intend to bring a proposal to Cabinet in the coming weeks.
While I have specifically mentioned the two largest tax streams, I would note that all taxheads have a role to play in ensuring the stability of the tax base. Excessive changes that adversely impact on the tax base would risk repeating the mistakes of the past by narrowing the overall tax base and leaving our public finances vulnerable to external shocks.
The best way to ensure the sustainability of our tax base is by continuing to pursue a budgetary policy that balances continued investment in our public services and infrastructure with the long-term sustainability of our public finances.
Government will set out its fiscal strategy for Budget 2024 as part of the Summer Economic Statement, which will be published in the coming weeks.
100. Deputy James Lawless asked the Minister for Finance the action he will take to ensure budgetary policy is calibrated so as to avoid adding to inflation; and if he will make a statement on the matter. [30032/23]
View answerThis Government has acted on a significant scale to respond to the cost-of-living challenge, making available some €12 billion in direct support to help to ease the burden of inflation on households and businesses.
As the Deputy has highlighted, it is essential that the fiscal response is carefully designed to avoid adding to inflationary pressures, particularly given that the economy is already operating at – or beyond – full employment.
That is why Government policy has mainly focussed on measures that are temporary, timely and targeted to assist the most vulnerable, an approach that minimises the risk of fiscal policy itself becoming part of the problem. Through this approach, Government has, I believe, struck the right balance between supporting households and firms without unduly exacerbating inflationary pressures. This assessment was shared by the Irish Fiscal Advisory Council in their Fiscal Assessment Report published in June.
Responding swiftly and decisively to the cost-of-living challenge must also be balanced with the long-term sustainability of our public finances. While the fiscal performance in recent months has been robust, there are, as I have warned many times, real vulnerabilities that we must be conscious of.
A headline surplus of €10 billion is in prospect for this year, but this is entirely driven by windfall corporation tax revenues that are not linked to the domestic economy. If estimates of windfall corporation tax are excluded, there is an underlying deficit in our public finances. These receipts will not continue indefinitely, so it is essential that we do not repeat the mistakes of the past and use transient revenues to fund permanent expenditure.
Government is acting to address our reliance on corporation tax. €6 billion in windfall receipts has been transferred to the National Reserve Fund to rebuild our fiscal buffers, and my Department has published a scoping paper outlining options for a longer-term investment vehicle to use these receipts to prepare for the structural challenges ahead. Work on this proposal is well underway and I intend to bring proposals to Government in due course.
However, the best way to ensure that our public finances remain resilient is by continuing a sensible budgetary policy that provides for sustainable investment in our public services and infrastructure while also taking into account the cyclical position of the economy.
Government will set out the fiscal parameters for Budget 2024 in the forthcoming Summer Economic Statement, which will be published over the coming weeks.
