In every issue of The Bottom Line, we ask students for their thoughts on a particular topic. This month, we want to know: What do you hope to see in Budget 2024?
Ellen Roycroft
EY
There is no denying the cost-of-living crisis is one of the largest issues faced by the Irish populace and that one of the main downfalls of this is the rising price of electricity and fuel.
The electricity credits afforded to all households last year helped with this burden substantially. I believe that a further instalment of these credits could set a buffer for those struggling to get through what will already be an expensive winter ahead.
In addition to this, I would hope to see an increase in the fuel credit for those living in fuel poverty. The credit, in my opinion, should be extended and the criteria for meeting it relaxed.
With an increasing number of people needing financial help to heat their homes, this would help, in my opinion, both with the affordability of fuel for those already receiving the benefit and for those who may be just on the verge of fuel poverty.
Aleksandar Elliot
KPMG
My hope is that Budget 2024 will be about helping those who need it most through the challenging environment we’re faced with currently, as well as building a more sustainable long-term future.
In the short term, the focus should be on the most vulnerable and shielding them from the impact of inflation. Increases in pensions and fuel allowance, as well as help with back-to-school costs through child benefit, should be the top priority.
We cannot forget small businesses that would benefit from the retention of lower VAT rates that are due to expire.
Finally, a key component of the cost-of-living crisis is energy. I would like to see the government seize the opportunity to help people reduce their energy usage, which will, in turn, help reduce bills whilst benefitting the environment in the long term. Retrofitting schemes, green finance and electric vehicle grants would be central to such efforts.
Sean Cahill
EY
One of the biggest struggles for students and young professionals is affording rent. From battling to find suitable accommodation to being able to afford it, the housing crisis, in my opinion, is the biggest issue Ireland has now.
Last year’s €500 rent tax credit was a brilliant first step in the right direction by our government in addressing this. However, with no short-term solution to this crisis, I feel it's the government's duty to provide further assistance.
Since last year, rent has increased exponentially across urban areas in Ireland. Boosting tax credits and reliefs and even looking at setting rent ceilings would not only ease
the burden on tenants but also have a spin-off effect on local economies.
In the 2024 budget, I would love to see the government implementing a strategy to further help tenants and also show a clear long-term plan on how they intend to bring rental rates back to affordability.
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