Labour's budget plans focus on reducing household bills

Ivana Bacik, leader of the Labour party, insists her party is "relentlessly focused on keeping household bills down" during the cost of living crisis. The party's alternative budget outlines a series of proposals aimed at reducing expenses for Irish families. They are proposing €400 in energy credits for households earning under €80,000, along with extending excise reductions and lowering VAT on home heating oil to 9%.

Labour pledges to increase core social welfare payments by €15 per week, raise public sector salaries, and index income tax rates and bands to match projected wage growth of 4%. In addition, they suggest introducing a second, targeted rate of child benefit to help lift tens of thousands of children out of poverty. Finance spokesman Ged Nash emphasized the need to "declare war on child poverty," highlighting that it is "an utter indictment" that child poverty is rising under the current government's watch, especially given the unprecedented financial resources available.

To fund these initiatives, Labour plans to create 6,000 new public childcare places and cap childcare costs at €200 per month for two years. They also propose higher maternity benefits and extended parental leave. Furthermore, Labour would reverse the reduction in VAT for the hospitality sector, a move they claim would save €720 million.