The government is presenting its 2023 spending plans on Tuesday. Here’s what we know so far.
- Spending power is the dominant theme in Tuesday’s budget, with €18 billion allocated to alleviating the problems facing both poor households and the middle classes.
- A price cap on energy bills will be introduced this autumn which will cover up to 12,000 cubic metres of gas and 2,400 kilowatts of electricity a year. Some 60% of households currently use less than this.
- The minimum wage and related benefits, such as the state pension, will rise 10% in January, as announced earlier.
- Housing, healthcare and child benefits will also rise.
- The average family is set to have 3.9% more to spend next year, although this will not offset the average drop of 6.8% this year.
- Low income households will have some 7.5% more to spend.
- The lower income tax bracket will be cut.
- The extra spending will be paid for by an extra ‘contribution’ from oil and gas companies as well as higher corporate and asset taxes.
- The defence ministry budget will be increased to 2% of GDP, as announced earlier.
- An extra €3.9 billion to support Ukraine, involving both military and humanitarian measures
- A further €1 billion will be spent on providing crisis accommodation for refugees and regular housing for those who have been given residency status.
- €5.2 billion has been allocated to pay for measures to reduce the spread of coronavirus next year.
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