Cabinet will be told that the extra spending is in the context of “an economy with GDP output of nearly €600billion next year” and that it “strikes a balance between providing resources to invest in public services and supporting living standards and, on the other, not adding to inflationary pressures.”
Budget 2024 will also provide for “non-core expenditure” including humanitarian supports for refugees from Ukraine. Mr McGrath will return to Cabinet in a number of weeks with another memo detailing four strands to his financial plan.
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