Greetings,
Today’s main news piece on our front page paints an optimistic picture for the recently appointed Finance Minister, Jack Chambers, as the income and corporation tax revenues are soaring, boosting the country’s treasury. Nonetheless, constant public reminders of this significant financial boon are prompting Mr Chambers to ensure the 2025 Budget is truly memorable.
Eoin Burke-Kennedy and Pat Leahy, in their morning report, reveal that despite regular alerts regarding the potential fluctuations of international profits, corporation tax collections continue to surge. Figures released yesterday showed that the tax yielded €5.9 billion in June, an impressive jump of €1.6 billion or 38 per cent compared to the same month in the previous year.
General election polls are open in Northern Ireland, with several regions too close to determine. The so-called ‘historic’ pension bill has been passed with only the Minister for Social Protection and Ceann Comhairle present in the Dáil chamber.
High-ranking government officials concede that this optimistic tax revenue is likely to escalate political pressure on both Finance Minister Jack Chambers and Public Expenditure Minister Paschal Donohoe for a substantial allocation in the autumn budget plan. The initial signs of this will be seen next week with the presentation of Summer Economic Statement by the two ministers responsible for budgeting, setting the financial boundaries for the forthcoming budget.
Backbenchers are certainly not diffident in expressing their requests. Prominent Fine Gael TD Charlie Flanagan has demanded cuts in inheritance tax and increased defence expenditure. His fellow party member Brendan Griffin has expressed his determination in seeking restoration of the 9 per cent VAT rate for the hospitality sector and a decrease in USC. Fianna Fáil’s Cormac Devlin desires a tax package for employees, an augmentation in the State pension, and aids to tackle the ongoing cost of living challenges.
There were vain attempts yesterday from Mr Chambers who informed journalists that the 2025 budget would be more “strict”, similar to those prior to the Covid outbreak and cost of living crisis, yet suggested there would still be strategies to aid families facing financial hardship.
Last night, following a meeting with banking industry representatives, Taoiseach Simon Harris promised additional support for living costs, with a possibility of it being disbursed this year after the budget announcement, according to some sources.
The UK Government has promised further assistance in managing living expenses, set to come into effect this September, with more details to be disclosed in the imminent budget proposal. There’s an election on the horizon.
Currently, the UK is holding elections after an increasingly challenging six-week campaign period for the Conservative Party. Forecasts indicate a definitive victory for the Labour Party, given current circumstances.
Sky News, with polling data from YouGov, foresees the Labour Party winning a majority of 212 seats, a feat unheard of since 1832. Last night’s polls predicted 431 seats for Labour, while the Conservatives could secure only 102 and the Liberal Democrats, 72.
Based on the reports from our London-based correspondent, Mark Paul, Rishi Sunak appears prepared to shoulder the results, sparking concerns among some Tories about his seat’s security. No standing Prime Minister has ever lost their seat in the history of British elections.
Even high-ranking Conservatives confessed that they are bracing themselves for a significant electoral defeat. Work and Pensions Secretary Mel Stride and Sunak loyalist stated that the UK was probably on the edge of the most extensive landslide ever witnessed in the country.
The implications of a possible Conservative collapse are explored in our latest Inside Politics podcast.
Marie O’Halloran reports from the Dáil on the Tánaiste’s fiery response to left-wing TDs regarding neutrality and the Middle East. At the same time, Harry McGee discusses the Taoiseach’s plan for an early meeting with the UK government following the elections to reestablish relations between the two nations.
There’s an unexpected twist as Mary Lou McDonald laughs off Fine Gael’s claim of being the law and order party. Simultaneously, the race for the US presidency gets heated as Joe Biden tries to assure Democrats of his continued viability as a candidate.
Aer Lingus pilots are set to vote on Labour Court proposals, according to union representatives. Eamon Ryan cautions against compromising or stalling the Dublin transport plan and criticises politicians exploiting concerns about business impact for their gain.
Dáil Éireann’s playbook continues to unfold.
Eamon Ryan, the Minister for Transport, will be fielding questions related to his role at 9 in the morning. Jack Chambers, the Minister for Finance, will likewise take questions at 10.30am. At midday, Leaders’ Questions will take place, followed by inquiries about policy and legislation at 12.34 in the morning. The government’s activities will kick off just before 1.45 in the afternoon, with the Public Health (Tobacco) Bill 2024 set for its second reading. It is intended to prohibit the retail of tobacco items to individuals under 21 years old. At 6 o’clock in the evening, Topical Issues will be addressed. Next on the card be a Private Members’ Bill discussion revolving around the environmental repercussions of industrial emissions in the Castlecomer area of Kilkenny. The Dáil will round off the day at just past 8pm. To view the detailed schedule, click here.
Moving on to the Seanad Éireann, the day launches with Commencement matters planned for 9.30am, and the order of business an hour afterwards. Deliberation on the Charities (Amendment) Bill 2023 is set for 11:45am. This bill, amongst others, necessitates that charitable bodies procure approval from the Charities Regulatory Authority under specific circumstances. The day will culminate with a Private Members’ time where Senators Malcolm Byrne and Fiona O’Loughlin of Fianna Fáil will introduce a Bill working towards outlawing protests or pickets outside private residences. This arises in response to a series of demonstrations outside the house of notable politicians, encompassing Taoiseach Simon Harris’s home. The entire schedule can be accessed here.
As for the Committees, the day predicts a rather tranquil atmosphere. The Public Accounts Committee will engage Waterways Ireland in a discourse about the latter’s 2022 financial reports at 9:30am. Concurrently, the Committee on the Implementation of the Good Friday Agreement will assemble privately, with the Joint Committee on Drugs Use meeting at the same time. The Public Petitions Committee is slated for 1.30 pm, whereby the latest petitions will be discussed. The comprehensive schedule is available for viewing here.