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The Minister for Finance Paschal Donohoe presented his fourth Budget on Tuesday. As was well signalled, this Budget was framed against the backdrop of a potential no deal Brexit. Given the current reality of climate change, unsurprisingly climate related initiatives have featured prominently within the measures announced. The details announced also include certain tax increases, limited changes to personal tax, together with targeted measures for SMEs.
The Minister for Finance Paschal Donohoe presented his third Budget on Tuesday against the backdrop of continuing improved economic performance. Budget 2019 sees the distribution of the benefits of the improving economic conditions, mostly in the form of increased Government spending. Some of the key expenditure areas highlighted by the Minister included social and affordable housing, health and childcare, education, Brexit and climate change. On the tax front, there was a mixture of tax increases and modest tax reductions.
“The best-laid schemes o’ Mice an’ Men / Gang aft agley (go often askew)” - Robert Burns said these words 250 years ago and he was right! Sean O’Casey said about 70 years ago - “The whole world’s in a terrible state of chassis”; both statements were true.
Speaking on Tuesday following the Government’s announcement of the summer economic statement, president of Galway Chamber Conor O’Dowd welcomed the increased commitment to capital expenditure but cautioned that further investment increases are likely to be necessary in the coming years.