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Budget 2023 Analysis

Tax Director, Patrick Fannon, shared his overview and analysis of Budget 2023 at our hybrid event on 28th September '22.

According to Mr. Fannon “The Budget 2023 announcements made yesterday were focused in the main on outlining the Government’s response to addressing the ongoing Cost of Living pressures. It is acknowledged that the economy has rebounded well post pandemic, evidenced by higher than expected taxation receipts contributing to a budget surplus. However, there are now further challenges being presented in the context of global economic uncertainties, energy costs, and rising inflation which are contributing to significant burdens for both individuals and businesses in terms of keeping pace with rising costs. In this context, the unprecedented Budgetary package of €11bn consisted of a range of both once-off and longer term measures, largely in the areas of Income Tax changes, Income Supports, Housing and cost relieving measures for Businesses. The Budgetary process also remains underpinned by important fundamentals in terms of longer term fiscal policy and the provision of safeguards in the event of any future external shocks."

In summarising his views in terms of the economic outlook, Oliver Mangan, Chief Economist AIB, further notes that the “Government fiscal policy is to remain supportive of economic activity, while at the same time building up the budget surpluses”

You will find further detailed commentary and analysis, to include the presentations made by Mr. Fannon and Mr. Mangan, as part of the links below.

RBK will also be considering the details of the Finance Bill 2022 once published in the coming weeks, with further analysis and commentary to follow in due course.