Budget 2024 delivers real supports for people and secures future wellbeing of economy - Troy

Local Fianna Fáil TD, Robert Troy, has welcomed the progressive measures announced as part of Budget 2024 which focuses on supporting people, families and businesses, especially those that are finding it tough at the moment and delivering improvements for households at all income levels.

Deputy Troy said: "This is a significant Budget of progressive and protective measures which further supports individuals, families and businesses at a time when the cost of living is high, while strengthening public services on which we all depend. Budget 2024 also focuses on investing in the infrastructure we need for the future, including the largest home building programme for many decades. It will include a €2.7 billion cost of living package among a €14 billion budget that will deliver real help for people while preparing us for the future.

“Fianna Fáil is acutely aware of the effect the energy crisis is having on families and businesses across the country. We have listened to people who are really worried about their energy bills and this Budget is about putting more money in people’s pockets and help people face those challenges by reducing the bills that people have to pay. Budget 2024 aims to ease the pressure with 3 x €150 electricity credits for all households, to be paid between the end of this year and April of next year.

"Fianna Fáil in Government is committed to addressing the high cost of childcare for families and making it accessible to all children. Following a 25% reduction in last year's Budget, today as part of Budget 2024 childcare fees are being reduced by a further 25%.

"Building on the revolutionary introduction of free school books at primary level by Minister Norma Foley, €67m has been made available under Budget 2024 to support the expansion of the scheme for students in the first three years of secondary school. As a party, we believe in the power of education, and we believe in making education truly accessible for all. Back-to-school time can be a challenging time for parents and families and this signals a landmark moment for Irish education, and one which will provide significant benefit for families around the country.

"Budget 2024 will deliver better outcomes for those who need it most. The threshold for paying the higher rate of tax will be raised by €2,000 to €42,000. A full time worker on the minimum wage will see an increase in their net take home pay of approximately €2,300 per year. Minister McGrath also announced cuts to the USC. The 4.5% rate is being cut to 4%, the first reduction in USC rates in five years.

“Fianna Fáil has always been committed to helping those that need it most and we keenly understand the financial pressures felt by many right now. Budget 2024 marks a step change in how we plan for the future and will ensure there is opportunity for all, while providing a safety net for those that need it.''

Some of the key measures include:

Renters tax credit increases from €500 per year to €750 per year for 2024

Up to €1,250 Mortgage Interest Relief for eligible households

Extension of 9% reduced VAT rate for gas and electricity for another 12 months

National minimum wage to increase by €1.40 an hour

A social welfare Christmas bonus payment – a double payment in December, benefitting almost 1.5m people

A double child benefit payment for 1.2m children before the end of the year

A €300 Fuel Allowance lump sum for 370,000 people before the end of the year

A €200 Living Alone Allowance payment for 230,000 people.

A once-off €400 payment of the Carer’s Support Grant, Disability Allowance, Blind Pension, Invalidity Pension and Domiciliary Care Allowance. This will benefit 350,000 people

€250m in supports for school transport, State exam fees, Higher Education Student Contribution fees

A double Foster Carer allowance

20% fare reduction on public transport continued to end of 2024

€1 million per day invested in cycling and walking infrastructure

€1 billion for the development, protection and renewal of our road network

Extension of Child Benefit to 18 years old in full time education