The Finance Minister has announced a ‘Brexit budget’ with an overall spending package of €2.9bn.

You can read our full report here and see how it all played out on our live blog here.

Here are some of the key points from Paschal Donohoe’s Budget 2020 announcement.

No-deal Brexit

• A €1.2bn fund to protect the country against a no-deal Brexit – excluding any EU funding.
• €650 million will be provided for agriculture, enterprise and tourism (€220m to be deployed the moment the UK crashes out). This includes €85m for beef farmers and €14m for fisheries.
• €110 million to help “vulnerable but viable firms.” This includes a €45m transition fund and a €42m rescue and restructuring fund.

Carbon Tax

• Carbon tax to increase by €6 per tonne for the first time since its introduction.
• It will see the price of petrol and diesel increasing by 2c per litre from midnight tonight.
• The government has pledged to ringfence the funding for environmental projects and a just transition.
• They will also be used to protect people living and working in the midlands.

Housing

• The Help-to-Buy scheme has been extended for another year – with no change to €600,000 cap on eligible properties.
• There will be €1.1bn in funding to support the construction of 11,000 new social homes next year.
• €80m has been set aside for Housing Assistance Payment funds.
• An extra €20m in funding for homeless services.
• €2m for the Residential Tenancies Board to enforce Rent Pressure Zone legislation.

Health

• The Department of Health is set to overspend its budget by €335m this year.
• Health spending is to increases 6.3% to €17.4bn next year – a new record.
• That includes an extra €25 million for the National Treatment Purchase Fund.
• Prescription charges reduced by 50c.
• Free GP care expanded.
• More medical cards for people over the age of 70.

Tax

• New tax measures to raise €300m.
• No ‘across the board’ tax cuts.
• 5% rise in Commercial Stamp Duty.
• Increase in the Research and Development tax from 25% to 30%.
• Earned Income Credit for self-employed to rise by €150 to €1,500.
• €100 increase in the Home Carer Credit
• Increase in Inheritance Tax Threshold from from €320,000 to €335,000.

Families

• Free GP care to be extended to all children under the age of eight from next September.
• Free dental care for children under six to be extended from the same date.

Tobacco

• 50c increase in the price of a packet of cigarettes – with the price of other tobacco products rising on a pro-rata basis.
• It means your pack of 20 will cost around €13.50.
• €54m increase in spending on childcare.
• €3 increase in the Qualified Child Payment for over-twelves and €2 for under-twelves.

Security 

• Extra budget of €81m to fund recruitment of 700 new Gardaí.
• €32 increase in funding for the Defence Forces.

Sample Budget Scenarios