The extension of free childcare services to thousands of toddlers, tax and USC cuts, across the board welfare increases and a sugar tax formed the crux of the Government's budget announcements this afternoon.

 

Paschal Donohoe delivered his first Budget as Minister for Finance this afternoon at 1pm.

 

He had been under pressure to hike benefits for the hundreds of thousands of squeezed middle-income families. 

 

Whether it is changes in taxes, social welfare payments, price hikes on cigarettes, everyone will be affected in some way by today's Budget announcement.

 

 

Here is everything that you need to know about Budget 2018 if you are a parent: 

 

1. A key part of the budget speech was the allocation of €20 million more to childcare measures. This means that there is an extension of the two years free pre-school years to a FULL two years.  And while this is welcomed, there are some who would have wanted to see more of the budget allocated to the single childcare affordable scheme. 

 

2. All weekly social welfare payments will be increased by 5 euro which will take effect from next March.

 

3. Spending on education will be over €10 billion next year - that the largest it has ever been. It is also hoped that 1, 300 more posts in schools will be made available. As part of this, pupil to teacher ratio will reduce to 26 to one. 

 

 

4. As expected a sugary drink tax has been introduced - that is a 30 cent per litre charge on all drinks with over 8 grams of sugar per 100ml. This will start in April 2018 subject to state aid approval.

 

5. The Finance Minister also announced a total allocation of 111 million euro for sport.

 

6. Cigarettes have been rising in each budget and the price on tobacco jumped again by 50 cents to €12 from midnight tonight. 

 

 

7. The new Health allocation includes an additional 1,800 staff in frontline services across acute, mental health, disability, primary and community care sectors.

 

8. In relation to the Universal Social Charge, the threshold for entry to the higher income tax is to rise by €750. This will also mean that low to middle-income workers will no longer be penalised for working overtime. These changes were as expected and leaked overnight. The standard rate band extended by €750 to €34,550. This is worth €150 a year to those who earn enough to benefit.

 

 

9. There will be a €20 increase in the earnings disregard for the One Parent Family Payment and Jobseekers’ Transitional scheme.

 

10. The threshold for the Family Income Supplement will rise by €10 per week for families with three children. It also means there will be a €2 per week rise in the rate of the qualified child payment.

 

11. Paschal Donoghue says that housing is a priority over the coming years. He allocated €1.83 billion for housing next year. That includes the building of 3,800 social homes.

 

Among the most high-profile changes, however, will be the creation of a new national homes agency which will be given wide-ranging powers to take over Nama lands and building projects - helping to kick-start property development.

 

 

12. He also announced that funding for homeless services will be increased by €18 million.

 

Paschal Donohoe says the budget will lay the foundations for a more resilient and fairer Ireland.

 

What do you think of the Budget measures? We'd love to hear your reactions to this...

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