Minister for Finance and Public Expenditure and Reform Mr. Paschal Donohoe T.D delivered the Budget 2019 last month. He promised that this budget “will further develop the underlying strength and resilience of our economy.”
We have highlighted some of the key Budget 2019 figures below.
During the Budget 2019 announcement, Mr Donohoe allocated €10.8 billion to the Department of Education and Skills in 2019. During his speech he said:
“This is a 6.7 per cent increase on 2018 and includes funding of €66 million to meet our changing demographics. This will allow for almost 1,300 additional posts in schools in 2019. The Government is also increasing the standard capitation rate per pupil by 5 per cent.”
The Irish government will also invest over €1.8 billion to support children with special educational needs.
The Budget in 2018 allocated an additional €1.26 billion in capital expenditure over 2018 to 2021 to the Department of Transport, Tourism, and Sport. €286 million of this allocation will be made available in 2019 to fund new transport infrastructure. This will include projects such as:
- The N4 Collooney to Castlebaldwin and the Dunkettle Interchange
- Completion of the runway overlay project at Knock Airport
- Design, planning, and implementation of cycling and walking projects across Ireland
€950 million has been allocated to the Department of Business, Enterprise, and Innovation in 2019, a 9% increase on last year.
The Minister for Finance and Public Expenditure recognised the impact SMEs have on the Irish economy, stating that they “provide most of our employment”. During the Budget 2019 announcement, he launched the Future Growth Loan Scheme for SMEs and the agriculture and food sector to support them post Brexit. This scheme will make €300 million of loans available with a term of 8-10 years. The loans will have favourable terms and loans of less than €500,000 will not require security.
€2.3 billion was allocated to Ireland’s housing programme for 2019. Mr Donohoe revealed that over four years to the end of 2019 “€6.6 billion will have been provided to accelerate the delivery of housing supports.”
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