Government set to publish Summer Economic Statement

RTÉ News​

2 days ago

The Government will publish the Summer Economic Statement today, which will outline how much money will be set aside in the Budget for tax cuts.
The publication comes as Minster for Finance Paschal Donohoe has been increasingly cautious about the public finances due to the threat of escalating tariffs from the US.
The statement will set how much tax will be collected and how much will be allocated to capital and current spending.
The Department of Finance said its focused on maintaining the stability of the public finances amid increasing uncertainty.
It said the Government will continue to put money into the Infrastructure, Climate and Nature Fund, and the Future Ireland Fund.
It said: "As a small open economy, we are vulnerable to external developments. This is why it is crucial that we have the resources available to maintain capital investment even in the event of an economic shock."
Much attention today will be on the scope for tax cuts next year.
A lot of that could be absorbed by a VAT reduction for hospitality which the Coalition committed to introduce in its Programme for Government.
Minister Donohoe has also ruled out one-off cost-of-living measures, a step which has drawn criticism from the opposition.
The Department of Finance said: "We are delivering on the Programme for Government commitment to increase capital investment in key areas, improving people's quality of life, boosting competitiveness and helping to attract and retain investment.
"At the same time, we will continue to use the resources available to us to invest record levels of public money across the public service, improve healthcare, education and social protection."