Budget 2020: What It Means For...

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Budget 2020: What It Means For Your Pocket

Niall Colbert
Niall Colbert

2:21 PM - 8 Oct 2019



Finance Minister Paschal Donohoe has announced details of Budget 2020.

Minister Donohoe revealed how the government plans to spend its money for next year in the Dail this afternoon.

So here's how it will affect your spending over the coming year:

Cigarettes and alcohol

Cigarettes have been hit with a 50c increase.

That means from midnight tonight, smokers will pay 50c more for a pack of 20.

The most popular packs will now cost around €13.50.

Minister Donohoe announced no changes to the price of wine, beer or spirits, so you shouldn't be spending any more in the pub!

Cars and home heating

As expected, the Carbon Tax is going up by €6 per tonne. That has an impact on the amount you'll pay to heat your home, and fill your car.

It means a litre of petrol and diesel will cost 2 cent more after midnight.

It won't cost any more to heat your home until May of next year.

The money raised will be used to fund new climate action measures, including a package to create environmentally sustainable jobs across the Midlands.

Minister Donohoe said "climate change is, without doubt, our defining challenge. We need to prove that we can grow the economy while reducing our environmental impact".

Tax and welfare

There were no across the board tax cuts announced in today's budget.

Medical card holders will pay a reduced rate of USC until December 2020.

For social welfare recipients, the 100% Christmas bonus has been retained.

One-Parent Family Payment going up by €15 and €10 for working family payment

Renting & Buying

If you're planning on buying your own home soon, there's good news as the Help to Buy scheme has been extended as it is until 2021.

There were no perks announced for those renting, but €2 million in additional funding will be given to the Residential Tenancies Board.

This will allow the board to step up its powers and protect tenants.

An extra €20 million euro for homeless services is also being allocated next year, as more than 10,000 people remain homeless in Ireland.

Health

  • Drug payment scheme being reduced 10 euro a month
  • Change in bands for over 70s so 56,000 more people get medical cards
  • Free GP care for under 8s
  • Free dental care for under 6s

Brexit Risks

The government has crafted this budget on the basis that the UK will crash out of the EU with a no-deal Brexit.

Finance Minister Paschal Donohoe says his budget will allow Ireland to meet the "challenges of a no-deal Brexit with strength".

On that basis, a package of €1.2 billion has been announced to protect farmers, businesses, and tourism from the risks posed.



Read more about

2020 Budget Finance

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