Dáil Éireann Debate, Tuesday - 24 January 2023
94. Deputy Colm Burke asked the Minister for Finance if he will confirm and outline all budget 2023 measures that have taken effect since the start of 2023; when further measures from budget 2023 will take effect; and if he will make a statement on the matter. [3054/23]
Amharc ar fhreagra127. Deputy Peter Fitzpatrick asked the Minister for Finance the estimated cumulative cost of the measures taken since and including budget 2023 to help address cost-of-living issues; and if he will make a statement on the matter. [2933/23]
Amharc ar fhreagraI propose to take Questions Nos. 94 and 127 together.
Budget 2023 was a ‘Cost of Living’ Budget, focussed on protecting the most vulnerable from the impact of inflation. A total net Budget package of €11 billion was put in place, consisting of €4.1 billion in one-off cost of living supports for last year and €6.9 billion in overall measures for this year. This built upon some €3 billion in cost of living supports introduced over the course of last year.
Budget 2023 measures have been providing relief since the final quarter of last year. Among other measures, this includes three €200 electricity credits to households at a total cost of €1.2 billion, the first of which was disbursed last year, and the Temporary Business Energy Support Scheme, which provides support to businesses struggling with rising electricity bills. A number of other measures, including double payments of social welfare benefits and child benefit, were also implemented in the fourth quarter of last year.
From the start of this year, €1.1 billion in income tax reductions have been in place, protecting employees from moving into a higher tax bracket because of inflation, as well as the €500 rent tax credit. The increases in social welfare measures, including the €12 increase in pension payments and working age social welfare recipients, are also now in place on a permanent basis. A full list of the taxation and expenditure measures introduced in Budget 2023 are set out in the Tax Policy Changes and Expenditure Report publications.
This Government has acted repeatedly and on a significant scale to address the cost-of-living challenge. Budget 2023 is a reflection of the Government's commitment to easing the burden of inflation on households and businesses, through an approach that is economically appropriate, progressive and sustainable.
