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Budget Statement 2008 (5 Dec 2007)

Brian Cowen: ——to cover grants for approximately 60,000 farmers. Farm Taxation I am making a number of changes in the farm taxation area arising from reform of the Common Agricultural Policy and the recent growth in the adoption of innovative farm business structures. The payments to farmers under the EU sugar beet compensation package include an element for diversification aid. I am providing that...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: I believe this will provide significant assistance to the farming community in improving the viability of holdings through consolidation. Fishing Industry The fishing industry in Ireland is facing major challenges at present. Earlier this year, the Cawley report provided a blueprint for the future of the fishing industry. It confirmed the need for restructuring of the industry, including a...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: I can indicate today that the tax code will be amended to assist in maximising the take-up of the decommissioning payments. Full details will be provided in the Finance Bill. PROTECTING THE VULNERABLE Social Welfare As the economy begins a period of below-trend growth, our first priority as a Government is to ensure that the poor and vulnerable within our society are protected.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: This budget provides significant resources to allow us to address the needs of those most disadvantaged. This approach has enabled us, as a society, to deliver significant improvements for people on low incomes in recent years and this continues to be the best way to deliver future social welfare enhancements in a sustainable way. The Government is committed to working closely with the...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: This will bring the State contributory pension to €223.30 per week and the State non-contributory pension to €212 per week.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: In addition, I am increasing the social insurance qualified adult allowance rate for people of pension age by €27 to bring it to €200 per week.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: I indicated last year that I intended to bring these qualified adults up to the full personal social welfare non-contributory pension rate so that a husband and wife with a single social welfare non-contributory pension rate would have an increase of €41 as a result of these decisions. I intend to complete this process next year. Carers The Government also recognises the huge contribution...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: All other personal weekly social welfare rates will be increased by €12 per week. This will bring the lowest full adult social welfare rate to €197.80 per week. Child Income Support The Government has significantly increased financial support for children in recent years. It intends to continue to do so by increasing child benefit by €6 per week for the first and second child,...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: Of the total €16.2 billion, over €700 million will be for the capital programme in health. An additional €276 million over the pre-budget Estimate is being provided for a range of health developments, including further provision for cancer care, the elderly, people with disabilities and children.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: Details of these measures will be announced by my colleague, the Minister for Health and Children. Medical Card Eligibility The question of medical cards for vulnerable families is a priority for the Government. The programme for Government contains a commitment to double the income eligibility limit for parents of children less than six years of age and to treble it for parents of children...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: The Government is committed to making progress in this area as soon as that review is completed. Drugs Since the pre-budget outlook I have added €12.5 million to fund the implementation of the recommendations of the national drug strategy's rehabilitation report. This additional funding will allow for the development and strengthening of local drugs task forces and the roll-out of...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: The cost of all these income tax——

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: ——PRSI and health levy measures is estimated to be €432 million in 2008 and approximately €585 million in a full year. Following the budget the total number of earners who are outside the tax net in 2008 will be more than 878,000. The increases in credits and bands mean that about four out of every five income earners will continue to pay tax at no more than the standard rate of...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: This is consistent with a shift in the balance of transactions from paper to electronic methods. Overall, the cost of individuals' access to payment systems will be significantly reduced by these measures. As a once-off measure, I propose to include provisions in the Finance Bill 2008 to require the financial institutions to make a preliminary payment equal to 80% of the stamp duty liability...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: ——but will not add to costs for card-holders.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: In the programme for Government we signalled that the first-time buyer, and recent purchasers, would benefit from further increases in the ceiling on mortgage interest relief. Today, I will honour the Government's pledge by increasing the ceiling on mortgage interest relief for first-time buyers by €2,000 for a single person and €4,000 for a married couple or widowed person to €10,000...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: This will increase the maximum monthly relief available by about €33 and €66, respectively, bringing it to €166 per month for a single person and €333 per month for a married couple or widowed person. These moves are appropriate in ensuring additional support for a hard-pressed segment of the housing market and should provide the necessary direction and certainty. Housing Market...

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: Barring exceptional circumstances, there is only one time when it is appropriate to make significant tax changes and that is when they can be properly integrated into overall fiscal planning at budget time. Conditions are now such that there is a better balance between seller and buyer in the housing market.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: Price corrections are taking place. Activity is slowing somewhat and there is some uncertainty as to where prices will settle.

Budget Statement 2008 (5 Dec 2007)

Brian Cowen: The housing market is an important aspect of our overall economy and the sustainability of economic activity can be assisted or impeded by the efficiency of that market. What I am not prepared to do is to introduce a set of small changes that would make the system more complex, but would do little to improve the functioning of the market. I decided that if this Government were to act, it...

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