Minister Darragh O’Brien Set to Announce First Child Benefit Increase in Over a Decade in Upcoming Budget
Dublin: In next month’s budget, Minister for Housing Darragh O’Brien is expected to announce the first increase to the child benefit payment in over a decade. The current rate of €140 per month has been unchanged since 2011, with a temporary reduction to €130 during the recession. O’Brien indicated that the increase, which could be around €10, is part of a broader cost-of-living package and emphasised the need for continued improvement in housing and childcare.
The budget is anticipated to include measures to address childcare availability and support small providers. Additionally, there will be proposals for extending free school books to the Leaving Certificate level and introducing free hormone replacement therapy (HRT) for menopause symptoms.
Finance Minister Jack Chambers confirmed that the government plans to raise the inheritance tax threshold, though specific details are yet to be determined. He also defended the planned €8 billion expenditure in the budget, despite warnings from the Irish Fiscal Advisory Council (IFAC) about potential price increases due to excessive government spending. Chambers noted that increased costs are primarily due to maintaining existing services and highlighted the importance of balancing fiscal responsibility with necessary investments for future growth.
Recent figures show a 12.6% increase in tax revenue for the first eight months of the year, driven by higher income tax, corporation tax, VAT, and excise duties. However, Chambers cautioned about the volatility of these revenue streams.
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