Finance Minister Michael McGrath and Public Expenditure Minister Paschal Donohoe recently discussed the budget and the potential funding for one-off supports. McGrath informed a Dáil committee that no decisions have been made regarding the payment for these supports. He mentioned the possibility of using “windfall” corporation tax revenues or exploring other means. The size of the support package will depend on factors such as inflation and whether energy companies are reducing consumer bills in response to falling wholesale prices. However, McGrath emphasized that the supports will likely be less substantial than last year’s €4 billion giveaway due to different economic conditions. The government recently outlined a comprehensive package of spending and tax measures along with separate envelopes for specific purposes. McGrath also revealed plans to establish two new funds to manage an expected €65 billion in budget surpluses over the next three years. These surpluses are largely derived from windfall corporation tax receipts that are not expected to continue. One fund will focus on infrastructure investment, while the other will be used for long-term savings, particularly for future pensions. The ministers acknowledged the need to be cautious about spending in order to avoid adding pressure to inflation, as cautioned by Central Bank Governor Gabriel Makhlouf and the Irish Fiscal Advisory Council.
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