Irish budget: Stark difference in UK and Ireland's budgets

Published On Oct 5, 2024, 2:12 AM

The article highlights the contrasting economic situations of Ireland and the UK regarding their budgets. Ireland's finance minister announced a budget filled with one-off payments to assist households with rising energy costs, supported by a significant budget surplus from a tax windfall from Apple. In contrast, the UK's impending budget is described as 'painful', marked by cuts and the end of winter fuel payments for pensioners due to a budget deficit. The UK faces a '£22bn black hole' in its finances, leading to speculation about tax rises or spending cuts. Ireland's success in attracting foreign investment through favorable tax incentives has led to a tripling of corporation tax receipts in recent years, although there are concerns about the sustainability of this revenue.