Budget 2020: All You Need To K...

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Budget 2020: All You Need To Know

SPIN
SPIN

02:15 8 Oct 2019


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The Budget for 2020 has just been delivered by Finance Minister Paschal Donohoe.

 

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Everything you need to know about today’s Budget 2020 announcement is up on our website. #linkinbio #budget2020 💶

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Brexit

Brexit, as predicted, was the main topic up for discussion.

Paschal Donohoe said;

 

We will meet the challenge of a no-deal Brexit from a position of strength.”

 

A 1.2 billion euro package was announced in response to the UK leaving the EU later this month, this doesn't include EU funding.

19,000 jobs will be created regardless of a no-deal Brexit.

There was also a big focus on funding for tourism as it's expected visits to Ireland might go down after Brexit.

Environment

The Minister talked a lot about the environment;

"Climate change is without doubt our defining challenge."

 

There's also changes to carbon tax which could have a knock-on effect on the climate crisis, the tax is to increase by 6 euro a tonne which means a litre of petrol or diesel will cost 2 cent more from midnight tonight.

The aim of this increase is to raise €90 million in 2020 for climate change initiatives.

There will also be a new surcharge of 1% on imported petrol and diesel cars and €9 million invested into sustainable mobility projects like Greenways and urban cycling projects

Homeless services will also be getting a hand with and extra €20 million bringing the budget to €166 million.

Here's a breakdown of some of the major things.

TAXES:

  • Pack of 20 cigarettes increasing by €0.50
  • No change in the price of alcohol
  • Prescription charges reduced by 50c each
  • Drug payment scheme being reduced 10 euro a month
  • 0.1 per cent increase in higher education training levy to raise 74 million
  • No across the board personal tax cuts
  • Self-employed income tax credit going up from 150 to 1500
  • Reduced rate of USC for medical cardholders until December
  • Banking levy going up from 59% to 170%
  • The rate of USC for medical cardholders is being reduced until December
  • Social Welfare Christmas bonus is remaining the same
  • Living alone allowance going up by €5
  • Qualified child payment is to increase by a further €3 euro for over-twelves and €2 for under-twelves.

EXPENDITURE:

  • €20 million increase to funding for homeless services
  • Grants to support those buying electric vehicles
  • Additional funding of €2 Million for the rent to buy scheme
  • Help to buy scheme is being extended until 2021
  • €1.1bn for the housing service. With 11,000 new social homes to come on stream next year
  • Health spending to increase by €6.3 per cent to 17.4 billion euro
  • 150 new teaching posts and 1.9 billion investment in special education
  • 400 teaching posts to support those with special educational needs and 1,000 SNAs
  • Free GP care for under-eights
  • Free dental care for under-sixes
  • Increase in home carer’s credit to €1,600
  • 13 million for warmer homes scheme

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