Budget 2023: All you need to know

Tuesday's Budget is set to be the largest for several years with tackling the cost of living being the number one priority.

What's different in this Budget is that it will be split into two main parts. There is the usual recurring tax and spend measures covering new initiatives and the increasing costs of running existing public services which are also being hit by inflation. In all, this is set to be one of the most consequential budgets for some time as the Government grapples with the hit of inflation. It also wants to see off the political threat posed by the cost of living crisis – seen as a boon for the Opposition.Income tax

On USC, there is likely to be an increase to lower bands to ensure that those getting the new higher minimum wage rate will remain outside the top rates of tax.In April, excise on petrol and diesel was cut by 15c and 10c. This is in place until October 11. It is expected to be extended for several more months.Last year’s Budget brought another 50c on a packet of 20 cigarettes although alcohol escaped any price hike. It’s not yet clear whether the old reliables will be hit in Budget 2023.

The initiative is designed to help first-time buyers fund the deposit for their homes. It’s thought any extension would see a narrowing of the scheme as it has been criticised in the past for not being sufficiently targeted.Higher Education Minister Simon Harris is seeking a widening of the eligibility for student grants. This would come into effect next year.

sandra_hurley that the Irish budget ?

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