A cost of living package of almost €3billion could be made available in the Budget as talks on a final list of supports continue.
Among the measures are three €200 credits for electricity bills which will more than likely be paid in October, December and February. A double payment of the State pension, social welfare payments and child benefit is also expected in October or November, in addition to the Christmas double payments.
Changes to the tax system to help companies struggling to pay energy bills are also under consideration. Public Expenditure Minister Michael McGrath said: “This set of one-off measures will be implemented quickly.”
Read more: Budget 2023: Everything we know as annual energy bills expected to hit €6000
The news came as hundreds took to the streets in Cork to protest at rising inflation and the cost of living pressures. Socialist TD Mick Barry called for price caps to ease the financial burden for cash-strapped families. He added: “We want to see price controls on energy, we want to see price controls on rent, we want to see price controls on food.”
Sinn Fein’s education spokesperson Donnchadh O Laoghaire called for electricity prices to be capped at pre-crisis levels until the end of February. Meanwhile, the European Central Bank’s chief economist Philip Lane warned interest rates would likely continue to rise despite a 1.25% hike this year.
The ECB has a target inflation rate of 2% while it is currently running at 9%.
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