There’s a lot to say about this year’s ‘Brexit Proof Budget,’ and thanks to some pervasive leaks, we’ve had a good idea about this for some time in advance.
Maybe it’s because there weren’t many surprises when the details were released, but we think there is plenty of good reason to be optimistic about the future. Take a look over some of the more notable ones that we’ve compiled below.
1. Increase To The State Pension
A strong focus on the elderly is at the forefront of our latest budget, an improvement which we can wholeheartedly get behind.
A €5 increase has been allotted to the weekly state pension, prescription charges for medical card holders over 70 have been cut, and the Christmas bonus has been increased 85%.
2. Universal Social Charge Cut
While the Universal Social Charge remains a left over expenditure from our years in the recession, it has been reduced by 0.5% in each of the three lowest rates.
The cuts will differ depending on salaries, but in many cases, it will mean that people will be €175 richer in 2017.
That’s almost €4 added to your weekly budget, which on top of being a nice little bit of pocket money, is an encouraging sign of things to come.
3. DIRT cuts
Let’s not make too much of this little benefit.
Because interest rates have been extremely low, earning money on savings has been an unrealistic prospect.
With the DIRT rate cut, you’ll now be able to save €1 more a year on savings of €10,000…
4. Only One Tax Increase
While it isn’t good news if you’re a smoker, the tax increase in this year’s budget does give you at least one reason to celebrate – there weren’t any others!
On top of last year’s single tax increase, the government has been rather conservative in taxing the nation’s vices.
5. A Sign Of Things To Come
It may not be a bold declaration of financial health for the nation, but the 2017 Budget does have some reassuring qualities that signal our slow ascent from the recession.
There might be some factors that will take a toll on your business as you go forward, but with the help of some experienced wealth management advisor, we think that 2017 will be a relatively easy year to navigate.
You can always talk to our team for advice on how to not only get through it, but on how to make your finances grow.
BCK Financial Planning Ltd is regulated by the Central Bank