Minister for Finance, Michael McGrath, announced the Budget for 2024 on Tuesday, 10 October. The minister outlined a multibillion package of spending increases, once-off payments and tax cuts. The Galway Advertiser took to the streets of Galway city to get the views of civilians, and while there were positives, there was an overwhelming concern about the rise in the cost-of-living.
There was an across-the-board permanent increase to weekly welfare and pension payments of €12, and Ann,70, was happy to see this increase in the pension payments: “I am a pensioner, so it is always nice to have an extra bit of money in your pocket. However, I do believe this year’s budget favours the younger population.” Ann also remarked that it was “great to see” an increase in the home carer and single person child carer tax credit.
From the perspective of young people in Galway, Dan, 21, found the increase in the minimum wage and the reduction of college fees to be a massive benefit in easing the financial burden on third-level students: “I was delighted to see a rise in the minimum wage. This undoubtedly eases the financial pressure on students who have to balance working part-time and going to college. The reduction in college fees was excellent and much-needed.” The minimum wage will rise to €12.70 from 1 January 2024. Families with an income of less than €100,000 will see college fees halved from €3,000 to €1,500. All other families will gain a €1,000 reduction in college fees.
For Maria, 50, the implementation of three energy credits to be paid to households between the end of the year and next April was an extremely significant measure: “The three energy credits totalling to €450 is an absolute winner. Energy costs are spiralling out of control and is most definitely one of my most difficult outgoings at the moment. Mr McGrath introduced these €150 energy credits, on top of maintaining the lower 9 per cent rate of VAT on energy products for the next twelve months. Despite these measures, people are still concerned about the rising cost-of-living sweeping the nation at the minute.”
Ann revealed that despite being a pensioner, she is still working at the age of seventy to combat the upsurge in the cost-of-living: “I am seventy years of age, and I still work. I cannot afford not to. I paid over €600 for half a tank of oil last week and nearly €100 on coal. How long is that going to last me?” Dan also commented on the cost-of-living pressures being a low-point in this year’s budget: “I would have rather seen more sustainable long-term strategies to curb the ridiculous cost of living.”
Maria, on the other hand, highlighted the 0.5% reduction in USC as not enough: “I was most unhappy with the miserable 0.5% reduction in USC. It was only supposed to be a temporary measure to tackle the financial crisis, yet we are still paying it 12 years later. I think people have more than played their part and it is time to pay back struggling employees as they try to deal with the crazy cost-of-living.” The reduction in USC in this year’s budget was the first reduction in four years.
All in all, people note that there are positives in this year’s budget. But the cost-of-living was the primary cause of concern in this country going into the announcement of the Budget. That concern does not appear to be dwindling, in fact; it appears to be growing.
