Sinn Féin is calling for €1.3 billion in new funds between now and the end of 2022 as part an “emergency” budget to counteract cost-of-living increases.
The party has tabled a Dáil motion calling for an emergency budget, which will be debated on Tuesday night. Its finance spokesman Pearse Doherty outlined the specific demands the party will make at a press event outside Leinster House on Tuesday afternoon.
The Sinn Féin package includes one-off cash payments for low and middle income earners; increases in social welfare rates; one month’s rent paid back to those renting accommodation; targeted measures on childcare; and an increase in the minimum wage.
It is also calling on the State to apply the maximum reduction for petrol, diesel, and home-heating fuels allowable under EU rules.
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Mr Doherty said that the cost of the package would be €1.3 billion between now and the end-of-the-year, and also contended the vast majority of the payments would be once-off and not recurring. However, he did say that some of the payments would recur including the rent pay back (which is a three-year programme) and the increases in social welfare.
He said the State had the means at its disposal to finance the package and that, at present, it was benefiting from increased prices by taking in more VAT and duties. “Inflation boosts the coffers of the State,” he said.
However, Minister for Finance Paschal Donohoe criticised he motion in a video response posted on the Fine Gael website. He said the Government had already spent €2.4 billion to address the cost-of-living challenges faced by people.
“The only thing that is certain about those who are calling for an emergency budget is that (if it went ahead) hardly would I have announced it and they would already be condemning it as not being enough,” he said.
Mr Doherty said the Government, at the time of last October’s Budget, was predicting borrowing of €8 billion for 2022 but said the ESRI was now predicting that no borrowing would be required and there may be a small surplus.
He said that one-in-three families were now struggling to make ends meet.
“We recognise there are international factors that are driving the inflation rates.
“But we have a responsibility to protect those who are the most vulnerable in society,” he said.
He said the motion was an opportunity for Government backbenchers who have been critical of the Government’s response to the cost-of-living situation to vote in favour of his party’s motion.
