Ireland’s Finance Jack Chambers unveils Budget 2025 with focus on tax relief for families, workers, and businesses

With just six weeks remaining until the Coalition presents its final Budget before the General Election, newly appointed Finance Minister Jack Chambers is gearing up to deliver Budget 2025 on October 1. 33 Chambers is set to become the youngest Finance Minister to present a financial plan to the Dáil since Michael Collins in 1919.

This Budget holds significant weight as it will be the last before the Coalition faces voters. The Fianna Fáil, Fine Gael, and Green Party alliance, which has overseen record-breaking tax revenues, is under pressure to meet the high expectations of citizens and the ambitious demands of ministers. Chambers will be the third Finance Minister to deliver a budget under this government, and his approach will be closely scrutinized.

In an exclusive article for The Irish Sun on Sunday, Chambers shared his priorities for the upcoming Budget, emphasizing financial relief for families, workers, and businesses. He acknowledged the ongoing struggles with the cost of living, including taxes on income, housing expenses, and everyday costs. Chambers highlighted the importance of ensuring people have more disposable income for leisure activities as inflation decreases and wages rise.

Chambers outlined a substantial budget package totalling €8.3 billion, with €6.9 billion allocated for additional spending and €1.4 billion dedicated to tax measures. This package, he noted, is made possible by the government’s prudent management of public finances over the past four years, allowing for investments in public services and infrastructure, such as housing, health, and education.

A significant aspect of Budget 2025 is establishing two new funds to safeguard Ireland’s long-term financial stability. The Future Ireland Fund and the Infrastructure, Climate, and Nature Fund were formally commenced in July to address future challenges, including an ageing population, climate change, and digitization. The Future Ireland Fund, in particular, has no cap on its potential size, with annual investments of 0.8 per cent of GDP planned until 2035. The Infrastructure, Climate & Nature Fund is set to reach €14 billion by 2030.

Chambers stressed the importance of not squandering the “windfall” revenue generated by record corporation tax returns, which he warned could be volatile. He criticized opposition proposals, particularly from Sinn Féin, to spend these funds now, calling such moves “reckless” and failing to prepare for the future adequately.

In closing, Chambers emphasized that Budget 2025 is about prioritizing people, families, and communities while ensuring the nation’s immediate and long-term prosperity. As the date approaches, all eyes will be on Chambers as he navigates the challenges of delivering this crucial financial plan.