Government decide on €13bn Apple tax windfall & AIB shares sale cash spend in new €100bn national development plan
A newly refreshed National Development Plan will be published on Tuesday and will see the
Advertisement
Coalition sources differed on the level of increased investment that will be announced with some suggesting it could be as high as €100bn while others claimed it would be €90bn.
This would see an extra €20bn to €30bn in State spending on building projects over the next 5 years.
The money is coming from the
A large part of the new injection of cash will be specifically targeted at water and energy infrastructure along with a 'once in a generation' investment in housing projects around the country.
Advertisement
Read more in Money
The plan will also include cash commitments to major transport and health projects.
The NDP will also include commitments to build more schools, special education schools and State-run childcare centres.
The extra investment is coming from the €13bn Apple tax and the billions of euro the Government has taken in from the sale of AIB shares over recent years.
Public Expenditure Minister
Advertisement
Most read in The Irish Sun
Government leaders will hold one final meeting over the weekend to finalise the National Development Plan funds before it is announced on Tuesday.
Minister Chambers has encouraged Government leaders to agree bumper investment in key capital projects as a way to help protect against the economic shock of
The
Any such tariffs would result in retaliatory taxes from the EU on American goods and would devastate the
Advertisement
Minister Chambers believes that the best way to protect the Irish economy from a trade shock is to create thousands of jobs in State building projects around the country through direct exchequer funding.
Improving Ireland's water, energy and housing infrastructure will also help make the country a more attractive option for international businesses to invest in and create jobs here.
1
Public Expenditure Minister Jack Chambers has spent the past few months negotiating with key ministers
Credit: Brian Lawless/PA Wire
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Journal
23 minutes ago
- The Journal
Foreign Affairs Committee recommends inclusion of services in Israeli settlements trade ban
A COMMITTEE HAS 'unanimously' recommended that services should be included in the Government's proposed ban on trade with illegal Israeli settlements, a TD has said. The Oireachtas Foreign Affairs committee is making the recommendation after hearing evidence from expert witnesses in relation to the Israeli Settlements (Prohibition of Importation of Goods) Bill 2025. The report containing the recommendation is expected to be published next Wednesday. The Irish Government has said it will legislate to ban the trade of goods with illegal Israeli settlements following an advisory opinion from the UN's top court. The International Court of Justice (ICJ) said last year that countries should 'take steps to prevent trade or investment relations' that maintain illegal Israeli settlements on Palestinian land. Although the opinion does not differentiate between types of trade, government figures have indicated a ban on services is more legally complex. Sinn Féin TD and member of the committee Donnchadh Ó Laoghaire said the 'vitally important' recommendation to include services received 'no push back' from any committee member. He said that could encompass services across financial, tech and accommodation sectors. Advertisement 'Clearly, morally, the same issue arises whether it is goods or services, you're still trading with illegal settlements that are undermining the potential for peace in the Middle East.' He lamented the humanitarian disaster and widespread starvation in Gaza in what he called 'human rights abuses upon human rights abuses' in the Palestinian enclave. The foreign affairs committee's recommendation has been welcomed by Christian Aid Ireland as 'hugely significant'. The charity's head of policy Conor O'Neill said: 'Despite all the spin, misinformation and threats, TDs and senators from both Government and opposition spent weeks looking at the Occupied Territories Bill in detail, weighing up the evidence, hearing from experts and considering the impact. 'They have said unequivocally: it is time to ban all trade with the illegal Israeli settlements, both goods and services, in line with international law. 'This is a crucial vote of confidence and a clear message to Government that we must do this right. 'Ultimately it doesn't matter whether you're importing a box of olives produced on stolen Palestinian farmland, or booking a holiday rental in a stolen Palestinian home on a service platform like Airbnb. 'A euro of support is a euro of support, and the ICJ was clear that all of it has to end. The Oireachtas Foreign Affairs Committee have upheld this very strongly today, and Government must listen. 'We need to pass a full, effective Occupied Territories Bill as a matter of urgency.'
The 42
2 hours ago
- The 42
Next year's Women's Irish Open to take place at The K Club
THE 2026 WOMEN'S Irish Open will be played at The K Club, the Ladies European Tour (LET) has confirmed. The championship will take place in Co. Kildare from 27-30 August on the club's Palmer South Course, which has previously hosted three European Opens. Advertisement The Women's Irish Open, which will again have KPMG as its title sponsor, has been moved back to August to offer players 'a prime opportunity to compete in front of passionate Irish crowds in the build-up to the Solheim Cup', the LET said. 'Tournament organisers are confident that this new venue will attract even bigger names and further elevate the fan experience.' Early-bird tickets for the 2026 KPMG Women's Irish Open will go on sale in due course, with U16s once again able to attend for free. MJ Fetherston, director of The K Club said: 'This is a tournament we want to support and elevate. There is so much brilliant talent in women's golf. We have been supporting Leona Maguire for the past few years and this is a terrific development on that. 'The Palmer South course has been given a lot of love and energy over the past few years. We are excited to bring tournament golf back to this challenging course. 'Our family and the whole team at the resort want to make this the best Women's Irish Open yet.'
The Journal
3 hours ago
- The Journal
Government urged ‘not to delay solemn promise' of VAT cut for hospitality sector
THE GOVERNMENT HAS been urged 'not to delay its promise' of cutting the VAT rate for the hospitality sector to 9% in the upcoming budget. Despite election promises and ministerial pronouncements, government this week has been signalling that a cut to the VAT rate for the hospitality sector may not go ahead in Budget 2026. Tánaiste Simon Harris said the government had made a 'solemn' commitment in the election to reduce the VAT rate for the hospitality sector, but this week the government has been sending mixed signals on how it will proceed. Speaking to RTÉ Radio 1 yesterday, junior justice minister Niall Collins said the VAT cut was not a 'done deal'. VAT for the tourism and hospitality sectors was reduced to 9% during the Covid-19 pandemic at a cost of €1.2bn to the exchequer. The previous 13.5% rate was reinstated last August, despite the sector's opposition. Retail Excellence Ireland (REI), the largest representative body for the retail industry in Ireland, has called on the Government to follow through on its 'promise to permanently cut the rate of VAT for the hospitality industry to 9% in Budget 2026'. Jean McCabe, CEO of REI, said that 'after a tough few years, the Government's solemn promise to cut the VAT rate for the hospitality industry was welcome'. 'It would be regrettable for it to delay its promise now,' she added. 'There are too many livelihoods at stake not to introduce a measure as soon as possible that would have such a significant impact on the industry, and on related industries such as retail.' She said the government must do 'everything in its power to strengthen our domestic economy at a time when we need it most'. McCabe also called for the general rate of VAT be cut from 23% to 21% to assist the retail industry. Advertisement Meanwhile, the Irish Hotels Federation (IHF) has criticised the 'deeply misleading' figure of €1 billion per year that was quoted earlier this week regarding the cost to the Exchequer of reducing VAT for hospitality businesses. On Tuesday, during a press conference on the Summer Economic Statement, Minister for Finance Paschal Donohoe told reporters that the one-year cost for reducing the hospitality VAT rate to 9% for restaurants and hotels would be between €950mn and €1bn. However, later in the press conference, Donohoe said he would need to clarify if that figure did include hotels. A spokesperson for the minister told The Journal today that, based on CSO data, the total one-year cost for restaurants and hotels is actually €810mn. This is split €675mn for restaurants and cafes and €135mn for hotels. The cost for hairdressers would be an additional €40mn. IHF Chief Executive Paul Gallagher said it's time for an 'honest and balanced debate' that 'recognises the economic and social importance of hospitality food service businesses and gives them a fighting chance to survive'. He noted that the 'true cost involved is significantly lower than the widely quoted €1bn figure cited by the Government in recent days' Gallagher added: 'The Government's narrative has had the effect, intended or otherwise, of driving a wedge between the public and the hospitality industry, framing the VAT reduction as a giveaway to businesses. 'This is extremely divisive and simply not true.' He said the 9% VAT reduction sought would apply to prepared food services, such as meals in restaurants, takeaways, commercial kitchens and food served on transport. 'The real beneficiaries are small food businesses,' said Gallagher, 'many of which are operating on the brink of survival due to extreme food cost inflation and shrinking margins. 'Reducing VAT on food services is not a handout to hospitality businesses – it is a vital intervention for a sector that supports over 270,000 livelihoods and contributes significantly to the economy.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
