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Finance Minister Paschal Donohoe says Government wants economic growth in 2023 but also to provide ‘as much help’ to people struggling


Finance Minister Paschal Donohoe

Finance Minister Paschal Donohoe

Finance Minister Paschal Donohoe

Finance Minister Paschal Donohoe said the Government wants both the economy to grow in 2023 and to help those struggling with the cost of living crisis.

It comes as he yesterday outlined his Summer Economic Statement and announced that Budget 2023 will be brought forward to September 27 - two weeks earlier than usual.

A specific cost of living package will include a series of one-off measures which will be paid for using tax surpluses raised this year, mostly from high levels of corporation tax.

The measures, expected to include a double welfare payment and a further electricity credit, are aimed at helping those most impacted by historic levels of inflation.

Speaking on RTÉ Radio One’s Morning Ireland today, Mr Donohoe wouldn’t give out any specific details on what will be included in the budget, as he said although it has been brought forward by two weeks “we still have to do the budget.”

“As we get nearer to the budget we will have a far better idea regarding what impact that will have on the living standards for next year,” he said.

"We need to get a better idea of the level of resources available to help the economy and in society and when we are clear on that we will agree with the detailed measures that can be implemented later this year.”

The Finance Minister said the aim is for the economy to grow in 2023 alongside more supports for people struggling financially.

"We want to put decisions and plans in place that helps our economy grow next year because that's vital for the protection of jobs,” he said.

“The second thing we want to do is to we will make the Best use possible of additional needs announced yesterday to give as much help as we can.”

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He added that there is a “broad selection of citizens” in his mind who he particularly wants to help.

He said: "Older members of our country who may have reliance on a pension and find themselves in a situation where fuel and food is going up so much it's having an impact on their way of life.

"Or people hard at work and their level of income means they don't qualify for assistance but are feeling the impact of the high cost of fuel and food in their pockets.”

Mr Donohoe said he wouldn’t “speculate” on the rate of inflation that is likely to be seen next year.

"[Last year] we expected that we would have a level of inflation of 2pc, now it has been confirmed at 9pc, so I would be weary making predictions regarding what 2023 will hold and what will be the issues that our workers and businesses may confront.”

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