Ministers met this morning to sign off on a €1.2 billion cost of living support package.
The Finance Minister says the government's cost of living package has been designed with consumers in mind.
Cabinet met this morning to discuss the measures, which include a 100 euro lump sum child benefit payment, and 200 euro extra social welfare payment.
Other measures include the extension of the 9 percent rate of VAT for the hospitality sector and the excise cut on motor fuel.
Minister for Finance Michael McGrath believes this will benefit consumers.
He continues to say: "The different decisions on VAT and excise are designed with consumers in mind. If we were to do nothing today, we would see the 9% VAT charged on people in the hospitality sector go straight back up we would see VAT and gas and electricity go back to 13.5 percent. We would see a massive increase in the pumps next week and the government wants to avoid that.
Included in the package:
- Welfare recipients will get a €200 lump sum payment as part of the cost of living package going to Cabinet this morning.
- There will be a €100 once-off extra payment of child benefits.
- The 9% VAT rate for the hospitality sector is to be extended until September, before going back to 13.5%.
- Cuts to excise on petrol and diesel are being retained until later in the year.
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