Over the past couple of months there have been, in effect, five budgets. The first occurred on the eve of the publication of the Book of Estimates when the threshold for the drugs refund scheme was increased from €65 to €70 per month. The second was the Book of Estimates and the third was the Budget Statement on the 4 December. Despite the pledge that there would be no increases in taxation, the 1% increase in the lower rate of VAT will badly affect first-time buyers, who have already lost their grant and will now have to pay up to €6,000 more for a house. The €10 increase in the old age pension will be wiped out by the additional cost of fuel, electricity and transport. The 10% increase in social welfare payments will be reduced by the projected inflation rate of 6%. It will erode the living standards of the poorest sectors of the community.