Lowdown on Budget 2027

Minister for Finance Simon Harris and Minister for Public Expenditure Jack Chambers have confirmed Government spending will more than double compared with 2018.

The minimum wage is increasing, while the higher rate of income tax is being reduced.

Social welfare recipients will also receive a €10 weekly increase in their payments.

The carbon tax on home heating oil and gas is being cut for the lifetime of the Government.

The Government will also extend temporary reduced fuel excise rates until the end of February next year.

The cuts, introduced in April, have reduced the price of a litre of diesel by 32 cent and petrol by 27 cent.

They had been due to end in November, but the Government says excise will instead be restored gradually in four phases, with full restoration not taking place until the end of June 2027.

The reduced NORA levy will also be extended until the end of the year, along with the enhanced Diesel Rebate Scheme.

On housing, a seven per cent derelict sites levy has been confirmed for next year, while the Help to Buy scheme is increasing by €5,000.

The Government says childcare costs will also fall, with fees capped at €550 a week. It says this could save parents of children up to Senior Infants age in full-time care more than €2,000 a year.

Additional funding will be provided to recruit Gardaí and members of the Defence Forces.

Meanwhile, a packet of cigarettes could cost more than €20 for the first time, with excise duty increasing by €1.

The duty on e-liquid products is also increasing by 20 cent per millilitre.

The Finance Minister has also confirmed a new State investment scheme, allowing people to invest up to €50,000 tax-free.

The Government is now urging public sector unions to call off their industrial action.