Budget2021: Finance Minister Paschal Donohoe delivers €17.7bn budget |
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The Finance Minister Paschal Donohoe has delivered a a €17.7bn budget for 2021.
It is the biggest budget in the history of the State, as the Government borrows millions to meet the cost of the COVID-19 pandemic and Brexit. To date, the total value of support measures amount to €24.5bn - nearly eight-times last year's budget plans. The budget is framed on the basis of no bilateral trade deal between the EU and the UK, as well as the continued presence of COVID-19 with no vaccine. There will be a €3.4bn recovery fund aimed at increasing employment. The fund will be targeted to boost domestic demand. As part of the stimulus package, the VAT rate for hospitality will be reduced to 9% from November 1st. The Temporary Wage Subsidy Scheme (TWSS), or a similar scheme, will also remain in place to the end of 2021. |