As Ireland announces their 2024 budget today they show in detail how it intends to use one of the strongest public finances in Europe.

This budget intends to cut future pension and climate costs whilst at the same time introducing more measures to ease the public’s cost of living stresses.

Having a budget surplus in Europe whilst unusual, should be something that the Irish government should be proud of. It’s quite an achievement considering there was after a rise in public spending during the pandemic.

The rather savvy decision to increase Irish corporate taxes paid by a small number of foreign firms has resulted in them having a surplus amount of 2.9% of gross national income last year.

Budget details are as follows and doesn’t exclude others:

1. A mortgage tax break worth up to €1,250 for homeowners. It will be given to those with a home loan of between €80,000 and €500,000 at the end of last year. Those who qualify will get 20 per cent relief on the increased amount of interest paid on their mortgage between 2022 and 2023.

2. At the moment working people start paying tax at the top 40 per cent rate once they earn €40,000. This rate will be increased to €42,000.

3. There will be three energy credits of €150 each – one before Christmas and two after it.

4. A double payment of child benefit will be made before Christmas, and a double welfare payment after Christmas.

5. The Qualified Child Increase is to rise by €4 to €46 per week for under 12-year-olds and to €54 per week for over 12-year-olds.

6. The successful hot school meals programme is to be extended to a further 900 primary schools in April and parents benefit is to be extended to nine weeks from August.

5. The monthly Domiciliary Care allowance is to increase by €10 and Child Benefit is to be extended to 18-year-olds in full-time education.

6. All social welfare payments are to rise by €12 a week.

7. The budget will also include the establishment of new savings funds where excess corporation tax revenues will be lodged.

8. Tax credit for renters is likely to climb from the current €500 to €800.

9. The free schoolbooks scheme will be extended to students in the first three years of secondary school.

10. There is an agreement to reduce childcare fees by another 25 per cent but that it would occur “later” in 2024.

11.Cigarette price increases by 75c

12. Minimum wage to increase to €12.70 per hour.

13. Rent tax credit to rise to €750

14. Theres also help for small business and farmers and also a social welfare package put together by minister Heather Humphreys.

15. Finance Minister Michael McGrath will lay out how much the government intends to invest in a sovereign wealth fund that his department says could cover much of Ireland’s age-related costs to 2035 if enough of the corporation tax receipts are saved

16. A second, smaller 14 billion euro ($14.8 billion) infrastructure and climate fund, available to catch up on targets to cut greenhouse gas emissions and act as a buffer against capital spending cuts in any future downturn.

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17. This will involve help for pensioners, people in receipt of social welfare payments with the focus being on children and families thus making it easier to raise a family and helping to reduce and an aim to end child poverty.

18. Donohoe announces funding for over 2,500 additional beds in hospital and community settings, along with an increase of more than 22,000 staff through additional recruitment.

Mr Varadkar said the budget will be “a little bit different to last year because inflation is moderating

He also said: “The nature of the tax system is that middle income and higher income people pay the most income tax so therefore any income tax package is going to benefit middle income people and more affluent people more.

“But that’s why you have to see the budget in the round and there will be other measures for example around the cost-of-living, around social welfare and around the cost of childcare and the cost of school and college. They will benefit everyone. People who aren’t working for example will benefit a lot from them.”

Whilst I’m not saying this budget is perfect and I’m sure there’s some that will criticize it but it’s a world away from what the UK is offering at the moment.

The huge difference between that the UK’s budget announcements and those of Ireland is alarming and shouldn’t be ignored.

In the UK unemployed and disabled people are demonized for claiming benefits and the government continues to attack most vulnerable with cuts to benefit payments and extremely harsh DWP compliance requirements and rules.

What this does show is that Ireland clearly understands the importance of investing financially in the well-being of it’s people. They know that this helps their economy a great deal.

The UK will never have a healthy economy like Ireland until they do the same, it’s extremely short sighted not to do so. Common sense shows that this helps to grow both local and national economies.

Huge changes are needed in the UK as well as creating policies with aims like those of Ireland.

The question is will this happen with future UK governments? I won’t hold my breath.

Time for a revolution folks!!;