Finance Minister Jack Chambers has indicated that this year’s budget is set to be announced on October 1st, a week sooner than initially planned. The Fianna Fáil TD cited the forthcoming meetings of finance ministers in the Eurozone and EU in Brussels on October 7th and 8th, and the Government’s obligation to deliver its fiscal and budgetary proposals to the European Commission by October 15th, as reasons for altering the original timeline.
Chambers was adamant that the decision to bring the budget announcement forward should not be read as an indication of plans for an early election, reasserting the Government’s commitment to serving its full term. However, the new date would allow time for a mid-November election, if the Coalition chooses to expedite the finance and social welfare bills through the Dáil in early October.
Such a course of action would clear the way for a general election to be called for either November 8th or 15th. When queried regarding whether the advance in the budget announcement was preparation for a general election, Chambers firmly denied any such motives.
Chambers stated that they are completely devoted to completing their term of service as the Government. Alongside implementing the anticipated measures of the Budget 2025 through a finance bill and a social welfare bill. Their long-term planning includes safeguarding many years of advancement and ensuring not to compromise the progress they have achieved so far.
Chambers noted that strong exchequer returns provided evidence of the robust and resilient nature of the Irish economy. He emphasized the necessity of a thought-out and cautious budgetary policy as they embark on the journey towards 2025. Which is why the Government intends to contribute to the Future Ireland Fund and the Infrastructure Nature and Climate Fund as means of preparing and saving for the future. He projects that by year’s end, they will have set aside €10 billion to handle any medium-term fiscal risks in the economy.
“We are aware that, when observing the corporate tax income that came in during June, there is a notable increase compared to the year’s first quarter. It’s well known that corporation tax fluctuates and is difficult to predict, which will necessitate a certain priority order from Ministers when constructing the 2025 budget. It’s also explicit that our current budgetary structure is dealing with ongoing expenditure strain.”