Wealth often provides the luxury of ignoring calls for thrift. Hopefully, there have been enough authoritative pleas for caution to resonate with some wealthy individuals.
Alongside the growing State coffers, public expectations are also rising.
Given the current uncertain outlook, it is crucial to heed the calls for caution.
While some departments have yet to finalize spending settlements, the government must remain firm in the final negotiations.
Tánaiste Micheál Martin has pledged that Budget 2024 will aim to prepare Ireland for future economic and environmental challenges. Taoiseach Leo Varadkar has stated that middle-earning workers will receive a benefit of over €1,000.
It has also been indicated that the income level at which individuals enter the higher 40% income tax rate will be raised, certain cuts will be made to the Universal Social Charge (USC), and tax credits will be increased.
While these measures are positive news, it is crucial to maintain balance. The Nevin Economic Research Institute (NERI) has warned against an expansionary budget due to high inflation and an economy already operating at full throttle.
Two other respected sources have also expressed concerns about potential risks and highlight the need for a more prudent approach.
Exchequer figures released by the Department of Finance showed a decline in corporation tax, confirming the importance of careful management of public finances. The Economic and Social Research Institute (ESRI) predicts a significant slowdown in growth and the possibility of a recession.
Given our past experience and the price we paid for profligacy, it is essential not to ignore these warning signs.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
