Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
Sinn Féin Leader Mary Lou McDonald present the party’s alternative budget at the Clayton Hotel in Dublin today. Leah Farrell
Analysishere's what we'd do
Budget day is on Tuesday - here's what three opposition parties say they would do if in charge
Sinn Féin, Labour and the SocDems outlined today what they would do if they sat at the top table.
THREE OPPOSITION PARTIES published their alternative budgets today with all parties focusing on the cost-of-living crisis.
Budget Day is next Tuesday, so the negotiations within the government will be going down to the wire this week.
As is customary, in the run-up to the budget, opposition parties like to outline what exactly they would do if they were in charge of the country. It’s kind of like fantasy football, but with economics, meaning these alternative documents don’t mean a whole lot.
There are similarities among all three, with all parties opting for energy credits this year.
The government has been at pains to say it does not want to go back to divvying out energy credits again, but more recently the Taoiseach has indicated nothing is off the table when it comes to dealing with the energy crisis.
Sinn Féin’s Mary Lou McDonald, Pearse Doherty and Mairéad Farrell launched their alternative budget on Thursday in Dublin.
Carbon tax increases would not increase if they were in charge, with the party stating it would also introduce a permanent 10 cent reduction in petrol and diesel and extend excise cuts for another six months.
The party has also restated its commitment to abolish the universal social charge (USC) for every worker on the first €40,000 they earn, and introduce a cost of disability payment.
“Nowhere is the cost-of-living crisis felt more than in housing. Fianna Fáil, Fine Gael and the Independents sold renters out with their rent hike legislation.
“We would reverse that damage by banning rent increases and doubling the Rent Tax Credit to €2,000, paid for through a tax on vulture funds,” TD Pearse Doherty said today.
In its 40-page document, entitled Putting Workers And Families First, the party also proposed €400 energy credits and childcare for €10 a day.
An interesting one, which is similar to an idea Labour floated a few weeks ago, Sinn Féin said it would roll out an Everyday Essentials Card worth €500 for one million households.
Turning to Labour, which was also out launching its alternative budget today, the party said one of its main focuses is driving down energy bills for households.
It is also in favour of energy credits, with its document outlining that it would introduce a €400 targeted energy credit for households earning less than €80,000.
The party also wants to target the profits of energy companies and data centres with a windfall tax on energy companies and data centres.
Labour’s alternative budget also proposes to provide up to one million free plug-in solar units to households that also qualify for targeted energy credits to help them permanently lower their electricity bills.
Labour’s alt budget package also includes increasing the fuel allowance by €7.50 per week. The party also pledged to provide for a €15 per week increase to all weekly welfare rates.
When it comes to taxation, Labour said it would index income tax and USC credits and bands, which it said would put over €530 back in the pockets of a single worker earning a wage of €50,000.
At a time when strike action is set to get underway across the public sector, the Labour Party said it would commit over €1.15 billion to fund a new public sector pay deal in 2027.
This is equivalent to phased pay increases of 4% next year, worth a further €20 per week after tax to someone earning €50,000.
Separately, the party would introduce a €30 per week cost of disability allowance (costing nearly €400 million) and increase the Living Alone Allowance by €5 per week as it hasn’t increased in over 5 years.
It commits to doubling the rent tax credit to €2,000 costing as well as halting the planned increase in public transport fares, which would cost €750 million.
Labour would also increase maternity benefit and other leave payments up to €350 per week.
The Social Democrats are riding high in the polls these days, so what would they do if they sat at the top table?
Deputy leader Cian O’Callaghan said the Social Democrats would cut childcare fees by €300 a month and introduce a €100 targeted energy credit.
Their 47-page alternative budget document, entitled ‘A Future. You Can Afford’, also pledges to broaden the tax base by introducing a “super-tax” on multi-millionaires, setting it at 2% for net assets over €5 million.
The party also wants to triple the bank levy to bring in €400 million.
Today, the party also set out plans to introduce a €1 billion investment in disability and reduce child poverty by bringing in a second-tier child benefit, as well as a €15 per week increase in State pension rates.
Like Labour and Sinn Féin, the Social Democrats are also in favour of energy credits this year.
Energy spokeswoman for the Social Democrats Jennifer Whitmore said there is an absolute need to have targeted energy supports.
The party is proposing a €100 credit for those households earning less than €70,000, with the money coming from the windfall tax on energy companies it would like to see rolled out.
What do you make of the alternative budgets? Good ideas? Bad ideas? Let us know in the comments.
have your say