Budget 2022 to be announced today

Half price public transport for young people, free contraception and a hike in the weekly fuel allowance are among the measures to be announced in today’s budget.

The €4.7bn package will see €1.5bn in additional spending, largely aimed at addressing the rising cost of living.

Pensions and most social welfare rates, including the weekly fuel allowance, will rise by €5 a week, and a full Christmas bonus will be paid.

There’s funding for 800 new Gardai and a €100m  package to help the tourism sector.

Economist Jim Power says a number of areas need particular attention.

“They key focus of the budget should be to continue to provide support to those businesses that have been seriously damaged by Covid, and that continue to trade with significant debt legacy because of covid.

“I think think they need to address the significant increases in the costs of living, particularly energy costs.

“I think they need to focus on labour force participation, so that’s why I think an elimination of the PUP.”

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