Housing, sugar tax and social welfare: Budget '18 at a glance

Dara Calleary left and Michael Mc Grath outlined Fianna Fáil’s budget priorities yesterday
Dara Calleary left and Michael Mc Grath outlined Fianna Fáil’s budget priorities yesterdayLEAH FARRELL ROLLINGNEWS
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11 October, 2017

Budget 2018 has been delivered to the Dail by Finance Minister Paschal Donohoe.

Some €1.2 billion in new spending and tax cut was announced this afternoon, in a plan that Minister Donohoe hopes will build on the progress made over the past few years.

The budget will amount to €60.9 billion for 2018.

According to Taoiseach, Leo Varadkar, there will "no big bonanza" and "no fireworks" in Budget 2018, however he insisted that it will be a "good budget overall".

A "Rainy Day Fund" is to be established in the next year with € 1.5 billion being transferred from the Ireland Strategic Investment fund to start it off.

From last week of March, €5 per week increase in all weekly social welfare payments, including disability allowance, carer's allowance, Jobseekers' Allowance and State pension.

Tax increases are expected to include cigarettes and sugary drinks.

€13 million increase in the Overseas Development Aid budget.

1,300 additional teaching post in schools for 2018 - reducing the student teacher ratio to 26:1.

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Drinks containing between 5g and 8g of sugar per 100ml will have a reduced tax of 20c per litre.

The Housing Assistance Payment Scheme will increase to €149m.

Reduction in prescription charges for all medical card holders under 70 from €2.50 to €2 per item.

The entry point for single earners to get charged the higher rate of tax will increase from €33,800 to €34,550, a rise of €750.

2018 will also see an extra 800 gardaí being recruited as well as another 500 civilians being hired.

Brexit Loan Scheme for SMEs announced - €300 million will be available to them at competitive rates.

The VAT rate on tourism & services sector WILL NOT change.

The 2.5% rate is being lowered to 2% with the ceiling for this rate raised from €18,772 to €19,372.

USC rate rated from 5% to 4.75%.


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