Breaking €40bn for housing under new infrastructure spending plan
The revised National Development Plan will contain €100bn funding for housing, energy, water and transport projects from 2026 to 2030.
Around €30bn of that figure is said to be new funding, some of that coming from the Apple tax money and the sale of AIB shares.
Housing delivery is the centrepiece of the plan, with increased funding to build homes and accompanying electricity and water connections.
The Cabinet will meet this morning to agree this framework for infrastructure investment.
With Departments set to be allocated funding for capital projects, ESB Networks and Uisce Éireann are also set to benefit.
There will be a major increase in defence spending, with a focus on radar, sonar and force protection for Irish troops. Dublin's Metrolink will also receive funding.
Separately, the publication of the Government's Summer Economic Statement will outline how much money will be set aside in the Budget for tax cuts.
It comes as Minister for Finance Paschal Donohoe has been increasingly cautious about the public finances due to the threat of escalating tariffs from the US.
The statement will set out how much tax will be collected and how much will be allocated to capital and current spending.
The Department of Finance said it is focused on maintaining the stability of the public finances amid increasing uncertainty.
It said the Government will continue to put money into the Infrastructure, Climate and Nature Fund, and the Future Ireland Fund.
It said: "As a small open economy, we are vulnerable to external developments. This is why it is crucial that we have the resources available to maintain capital investment even in the event of an economic shock."
Much attention today will be on the scope for tax cuts next year.
A lot of that could be absorbed by a VAT reduction for hospitality, which the Coalition committed to introduce in its Programme for Government.
Mr Donohoe has also ruled out one-off cost-of-living measures, a step which has drawn criticism from the Opposition.
The Department of Finance said: "We are delivering on the Programme for Government commitment to increase capital investment in key areas, improving people's quality of life, boosting competitiveness and helping to attract and retain investment.
"At the same time, we will continue to use the resources available to us to invest record levels of public money across the public service, improve healthcare, education and social protection."
Minister for Public Expenditure Jack Chambers will outline expenditure plans for the coming year.
He will say the Government is "moving away from the one-off measures of the past".
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
an hour ago
- Irish Times
Donald Trump says he plans to put a 100% tariff on computer chips
US president Donald Trump has said he will impose a 100 per cent tariff on computer chips, likely raising the cost of electronics, cars and household appliances. His announcement came as Apple chief executive Tim Cook joined him at the White House to announce a commitment by the tech company to increase its investment in US manufacturing by an additional $100 billion (€85.6 billion) over the next four years. Mr Trump said companies that make computer chips in the US would be spared the import tax. 'We'll be putting a tariff on of approximately 100 per cent on chips and semiconductors,' Mr Trump said in the Oval Office while meeting Mr Cook. READ MORE 'But if you're building in the United States of America, there's no charge.' During the Covid-19 pandemic, a shortage of computer chips increased the price of cars and contributed to an uptick in overall inflation. Referencing Apple's investment plan, Mr Trump told the press conference: 'This is a significant step toward the ultimate goal of ensuring that iPhones sold in the United States of America also are made in America. 'Today's announcement is one of the largest commitments in what has become among the greatest investment booms in our nation's history.' As part of the Apple announcement, the investments will be about bringing more of its supply chain and advanced manufacturing to the US as part of an initiative called the American Manufacturing Programme, but it is not a full commitment to build its popular iPhone device domestically. In a statement announcing the investment, Mr Cook said: 'This includes new and expanded work with 10 companies across America. They produce components – semiconductor chips included – that are used in Apple products sold all over the world, and we're grateful to the president for his support.' The new manufacturing partners include Corning, Coherent, Applied Materials, Texas Instruments and Broadcom among others. Apple had previously said it intended to invest $500 billion domestically, a figure it will now increase to $600 billion. Mr Trump in recent months has criticised the tech company and Mr Cook for efforts to shift iPhone production to India to avoid the tariffs his Republican administration had planned for China . While in Qatar earlier this year, Mr Trump said there was 'a little problem' with the Cupertino, California, company and recalled a conversation with Mr Cook in which he said he told the businessman: 'I don't want you building in India'. India has incurred Mr Trump's wrath, as the president signed an order on Wednesday to put an additional 25 per cent tariff on the world's most populous country for its use of Russian oil. The new import taxes to be imposed in 21 days could put the combined tariffs on Indian goods at 50 per cent. Apple's new pledge comes just a few weeks after it forged a $500 million deal with MP Materials, which runs the only rare earths producer in the country. That agreement will enable MP Materials to expand a factory in Texas to use recycled materials to produce magnets that make iPhones vibrate. Speaking on a recent investors call, Mr Cook emphasised that 'there's a load of different things done in the United States'. As examples, he cited some of the iPhone components made in the US such as the device's glass display and module for identifying people's faces and then indicated the company was gearing to expand its productions of other components in its home country. 'We're doing more in this country, and that's on top of having roughly 19 billion chips coming out of the US now, and we will do more,' Mr Cook told analysts last week, without elaborating. News of Apple's latest investment in the US caused the company's stock price to surge by nearly 6 per cent in Wednesday's midday trading. That gains reflect investors' relief that Mr Cook 'is extending an olive branch' to the Trump administration, said Nancy Tengler, chief executive of money manager Laffer Tengler Investments, which owns Apple stock. Despite Wednesday's upturn, Apple's shares are still down by 14 per cent this year, a reversal of fortune that has also been driven by the company's botched start in the pivotal field of artificial intelligence. – Associated Press
Agriland
an hour ago
- Agriland
Ornua products see wins at international dairy competition
Irish dairy product producer Ornua, which makes the Kerrygold butter brand, has seen a number of wins at an international competition for cheese and dairy products. The International Cheese and Dairy Awards, which took place in Staffordshire in England, featured some 3,750 entries from various countries. According to Ornua, the competition is the world's largest cheese and dairy competition, and was judged by "leading international industry experts". The Irish dairy business said it won 23 awards in total, including four "major trophies", six gold awards, six silver awards, and seven bronze awards. Ornua's Vintage Cheddar, made by Tirlán at its Ballyragget plant in Co. Kilkenny, won the DSM Trophy for the Best Single Vintage Creamery/Block Cheddar. Other awards were presented to Ornua for cheese supplied by Carbery, Dairygold and Tirlán's plant in Co. Wexford. Ornua said these wins "demonstrate the range and supreme quality of Irish cheese and expertise of Ornua's member co-ops". The business' Pilgrims Choice cheddar brand - the second-most popular cheddar brand in the UK according to Ornua - won seven awards, including three gold awards, three silver awards, and one bronze award. It also won three "major trophies" for its Extra Mature Cheddar. These awards were for Reserve Champion Overseas, Champion Overseas Cheddar, and Best Irish Cheddar. The Pilgrims Choice "Inclusions" range won a number of awards for its blended chesses, including in the Best Additive Cheese category, in which three different products from the range won the gold, silver and bronze awards. Apart from the award wins for cheese products, Ornua's flagship product, Kerrygold, won five awards. Kerrygold Unsalted Butter received a gold award, while the 'Sweet Spreadable' range won a number of awards, including two silver awards for on product in the dairy/butter spread category and the flavoured butter category. Another Kerrygold 'Sweet Spreadable' product won two bronze medals, also in the dairy/butter spread and flavoured butter category.
Agriland
an hour ago
- Agriland
HSA: 1,480 agriculture, forestry and fishing inspections in 2024
The Health and Safety Authority (HSA) carried out 1,480 workplace inspections across the agriculture, forestry and fishing sectors last year according to its latest annual report. Overall the HSA conducted 11,667 workplace inspections and investigations across all economic sectors in 2024, with a "particular focus on high-risk areas" including construction, agriculture, manufacturing and healthcare. Although the latest annual report highlights that "there was a welcome decline in the number of reported workplace fatalities", the authority also said that every fatality was a preventable tragedy. Patricia Byron, chair of the HSA said: 'We acknowledge with deep regret the 34 lives lost in Irish workplaces in 2024. "Every life lost is a stark reminder of why we must continue to invest in prevention, education and enforcement. "The HSA remains steadfast in its commitment to working with all stakeholders to prevent future tragedies and to fostering a national culture of safety and health at work.' It is 35 years since the HSA was first established and according to Mark Cullen, interim chief executive officer of the authority, its key objective is "ultimately about protecting lives". "Our vision remains clear: to deliver healthy and safe working lives and contribute to productive enterprises in every part of Ireland," he added. The 2024 annual report also shows that the HSA carried out 413 assessments of industrial products ranging across machinery, lifts, personal protective equipment (PPE) and transportable pressure equipment. "Where products were found to be non-compliant, these were removed from the market. Four safety alerts were issued in 2024, highlighting products of serious concern. "The HSA completed two EU joint action market surveillance projects on circular saws and scissor lifts, with appropriate follow-up undertaken where products were found to be non-compliant," the authority added. Last year the authority also ran a number of awareness-raising campaigns specifically focused around agriculture, including a national farm safety campaign in May which focused on "the safe use of tractors and other machinery and vehicles". Among its other campaigns in 2024 was one initiative centred around the health and wellbeing of farmers, which warned that people working in agriculture are at higher risk of certain health and wellness conditions due to the nature of their work. These include stroke and heart disease. The HSA also ran a two-week nationwide inspection campaign in 2024 focusing on working at height in agricultural settings. According to the authority, there have been an estimated 98 fatalities as a result of falls from height in Irish workplaces - of which 20 were on Irish farms - in the last decade.
