June 20, 2018

Key announcements from Budget 2018

10 October 2017, 07:06 | Winifred Adams

Paschal Donohoe the finance minister was in budget negotiations with his Fianna Fáil counterparts yesterday Clodagh Kilcoyne Reuters

Paschal Donohoe the finance minister was in budget negotiations with his Fianna Fáil counterparts yesterday

A quick rundown of some of the main points.


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

Next year, 3,800 new social homes will be built and there will also be an increase to the housing assistance scheme by €149 million (£133 million). It is unclear what form this tax will take, but a charge on fizzy drinks is expected. There will be a reduced rate of 20 cent (17p) per litre on drinks with between 5g and 8g of sugar per 100ml. This will bring the price of cigarettes in the most popular price category to 12 euro. There will be a pro-rata (in proportion) increase on all other tobacco products.

-Plans to recruit additional 1,300 teaching jobs.

Mr Donohoe signalled that better spending for education will cut the pupil-teacher ratio at primary level to 26-1.

There will be 800 more gardaí next year.

A reduction in prescription charges for all medical card holders under 70 from €2.50 (£2.23) to €2 (£1.78) per item.

In order to combat cancer cases, the Finance Minister also announced a Value-Added Tax rate rise of 13.5% on sunbeds up to 23%.

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Brexit loan scheme of up to €300 million (£268 million) is being made available to SMEs.

All social welfare payments will rise by €5 a week from the last week of March. An 85% Christmas bonus will be paid this year.

The minimum wage is rising to €9.55 per hour.

And Mr Donohoe said: "We can not hope to remain competitive if someone on a relatively low income and who decides to work a few hours' overtime has almost half that extra money taken in tax".

For workers, 2 USC rates have been lowered and income tax bands have been raised.

Mundy dropped into to perform the song that launched his career, "To You I Bestow" and explain how he blew a massive royalty cheque in Dublin.

While you're here - have you seen this week's JOE Show?

Justine heads to Oktoberfest, Dara & Kymann take on one of Ireland's toughest adventure races and Shifts travel back in time to find out what happened the day Michael Collins was assassinated.

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