Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I thank the Senators present for their timely and very detailed contributions. I thank the Acting Chair for his contributions in the lead-up to the budget. I acknowledge his personal commitment as Government spokesperson on enterprise, trade, and employment and the positive contribution he made.

There are one or two issues I wish to address before responding to Senators. A lot of people have talked about this budget having something for everyone but nothing for anyone. That is utterly false. This budget is first and foremost a progressive budget. It recognises that although we have a growing economy and full employment, there are still people who are struggling. Distribution analysis published today shows that the measures announced in budget 2025 are progressive. In net terms, all households benefit from budgetary measures, with an average gain of 2.3% in weekly disposable income from the core measures and 1.3% from the one-off cost-of-living package. Households in the lowest income deciles, however, will benefit the most from the measures, continuing a positive overall trend in recent budgets. That is so important at this constrained time.

Many people have said we are investing too much into the economy or we are spending too much. It would be very difficult for me or indeed any of us present to turn to those families that, despite having two good incomes, are struggling with energy bills and childcare costs and feel like they have never worked so hard in their lives, and tell them that we are investing too much. They need a little bit of a break, and that is what we will see today. We will see today a suite of cost-of-living measures referenced by the Senators present that will really make a difference to so many families and workers up and down the country.

We are also investing in the future. I refer to the Future Ireland Fund, to which Senator Dolan made reference. In recent years, it has been clear the resilience of Ireland's economy has been critical in its ability to absorb quite massive global shocks. This has been highly dependent on the strong position of our public finances.To promote the long-term sustainability of our public finances the Future Ireland Fund and the Infrastructure, Climate and Nature Fund have been established to offset future spending pressures, to provide for countercyclical expenditure in economic downturns and to address climate and nature goals. I was delighted to bring the legislation creating those funds through this House. This year €4.3 billion was transferred into the Future Ireland Fund and €2 billion into the Infrastructure, Climate and Nature Fund from the National Reserve Fund. A further €4.1 billion will be transferred into the Future Ireland Fund this year following an assessment by the Department of Finance and the Irish Fiscal Advisory Council on the economic and fiscal position of the Irish economy. Transfers to both funds will take place next year.

I will now respond briefly to issues raised by the Senators present. Again, I thank them for their contributions. I thank Senator Maria Byrne for her strong support of the measures taken to help SMEs and to help the economy and businesses more widely. Senator Casey has spoken from personal experience, as has Senator Byrne, lest we forget, combined with their vast political experience at local and national levels. These supports are quite clear. We need to have an economy that functions and grows in order that we can meet the societal and infrastructural challenges that face our country. We will see great support for entrepreneurs and innovators and those who wish to scale up in particular. We will continue our support for our multinationals but, equally, there is the VAT relief given to SMEs. In particular, there is the €4,000 grant. Something that goes to Senator Conway’s point is the particular emphasis on the raising of VAT thresholds already for businesses in terms of goods and services. That will provide an additional relief that needs to be baked in. Let us be frank. I have spoken about the VAT rate for hospitality and the 9% campaign in this Chamber, in the media and with Senator Conway and the Leas-Chathaoirleach. We all know that comes at a cost. It is €740 million. That is 50% of our tax package. Unfortunately, decisions have to be made. That blunt decision would benefit a large multinational like McDonalds just as much as it would benefit the local café in Ennistymon or Avoca and that has to be balanced out. That is what this is about. It is about balances and accepting that we can do the most for the most. More importantly, we will see workers and families around the country with more money in their pockets to go out and spend in their local communities which are being supported by our growing economy. That is something that we will always take into account.

I wish to refer to two or three other areas briefly. They are under different headings but Senators Ahearn and Currie both referred to the changes in funding for HRT and second IVF treatments. These are among the most commonsensical and compassionate moves that have been made by this Government. It goes to consistency. This is not a budget that is about raw numbers. Rather, it is about the people who are behind those numbers. Every one of us knows a family who struggled on their fertility journey, with some one in six families affected. Equally, all of us know a woman in our life who is facing into menopause and needs those supports. I pay credit to our colleague who works in these environs, Councillor Anna Grainger, for her very public, vocal and personal campaign on her experience on a menopause journey and the importance of HRT for her and so many women like her.

I will touch on some of the points Senator Craughwell made before he departed. His point on the USC is well made but he held up a photograph from 2016. That was an election campaign that did not lead to a mandate that allowed for that change. Eight years later, we are cutting USC for the second year in a row in a way that is progressive and benefits those on the lowest incomes in society. The €12 increase to all payments will help carers, those who are on disability payments and pensioners and that is so important but so are the additional measures, particularly those for carers to which Senator Byrne so eloquently referred.

I take Senator Casey’s points about the loan-to-value rating on board. I know he has raised the issue in this House and other forums. I will bring it back to the Minister, Deputy Ahearn - apologies, that is the Minister, Deputy O’Brien - and see if we can move forward. My apologies to Senator Ahearn.