Budget 2027 Will Help Working Families & Workers Get Ahead Across Cork

Budget 2027 will help people to get ahead in their lives and provide targeted supports to proof against the cost of living, Cork North West Fine Gael TD Joh Paul O’Shea has said.

Deputy O’Shea said due to Fine Gael’s management of the economy, and despite global instability, the country and Cork continue on a strong and resilient path with more economic resources deployed to assist hard working families.

Deputy O’Shea said the financial package provided by Tánaiste and Finance Minister Simon Harris will ensure work pays with income tax cuts and more capital investment projects; while also planning for a new investment account so households can make their hard-earned money go further.

“For hard-working families and workers, we have increased the threshold for the higher tax rate from €44,000 to €46,500 and increased tax credits by €125.

“The maximum cost for childcare will be reduced from €735 to €550 per month for children up to senior infants from September, and the renter tax credit has increased to €1,150 (single) and €2,300 (couple) from September.

“On home heating oil, carbon tax on kerosene and gas is reduced and paused for the lifetime of this government, which means savings around €86 on a 1,000 ltr oil fill this winter. The current excise cuts on petrol and diesel will remain until next Spring and we will evaluate what is happening then,” Deputy O’Shea said.

“We want to make your hard saved cash work for you. A new investment account will be launched in 2027 with a tax-free threshold of €50,000.

“There will also be a €150 reduction in student contribution fees.

“We are also planning to protect our future with €1bn into a future reserve fund. Fine Gael never wants to see this country go through the pain inflicted on it less than 20 years ago and we will have €31bn in it by the end of 2027. It will pay for our ageing population, climate and transport projects and protect us against any economic shocks.

“The minimum wage for all in Cork will increase from €14.15 to €14.94. Free contraception will be extended to women up to the age of 37.

“We will open and operate additional and replacement beds across acute, community and mental health services.

“There will be more special educations needs teachers and special needs assistants.

“The weekly pension payments will be increased by €10, bringing the contributory pension to €309.30 and the living alone allowance increased to €25 per week.

“Fuel Allowance will increase by €5 to €43 per week and is worth €1,204 per year to thousands across Cork.

“The carers weekly payment has been increased by €10 and a major shingles vaccination programme for over 65s will begin on a phased basis.

Deputy O’Shea said the supply of home across Cork is a priority.

“Fine Gael introduced the Help to Buy scheme and we are increasing maximum relief from €30,000 to €35,000 to support first-time buyers.  There will be extra finance for the local authority to build housing and infrastructure.

“The Budget provides for extra gardaí and new members of our defence forces, along with a 10pc increase on defence spending.

“Rural pubs are the heartbeat of our communities and €15m will be provided to help support them.

“We are rewarding hard work so people can get ahead, not just get by, and helping with the cost of everyday life.

“We are backing retired and older people, as well as carers and people with disabilities, recognising the contribution they make and the security they deserve.

“We are allocating resources to build more homes, as well as delivering the infrastructure and public services our country needs,  faster, and with less bureaucracy and better value for every euro,” Deputy O’Shea has said.