Day two of Budget 2012 sees Minister for Finance, Michael Noonan, attempting to regain control of the country's finances and get people back to work.
There is confirmation of a 2% hike in VAT and the introduction of a household charge.
According to Michael Noonan, "The primary purpose of this budget is to support the creation of jobs in the short term, the medium term and the long term".
The budget saw a 2% increase in the standard rate of VAT and the introduction of an interim household charge of €100. In an attempt to ease the strain on the lower paid, the starting rate for exemption from the universal social charge was raised moving 330,000 people out of liability to pay the universal social charge.
Following the announcement, Labour's newest TD, Patrick Nulty announced that he would be voting against the measures.
Michael Noonan stated that he wanted to provide certainly about the earnings for ordinary people by announcing no increase in income tax, or narrowing of tax bands. The cornerstone of the tax hikes was most certainly the 2 % VAT hike.
| Title: | Minister for Finance Michael Noonan's Budget Speech |
| Clip Duration: | 00:03:16 |
| Material Type: | Video |
| Clip Title: | Day Two of Budget |
| Series Title: | RTÉ News |
| Information: | A RTÉ News report by David Davin-Power. This report was introduced by RTÉ newsreader Brian Dobson. |
| Local Keywords: | Memorable Budgets, Budget, 2012, Michael Noonan, Patrick Nulty, David Davin Power, Brian Dobson, Economics, Politics |
| Coverage: | Ireland |
| Genre: | News |
| Topic: | Politics and Economics |
| Provider: | RTÉ |
| Contributor(s): | David Davin Power (Reporter) |
| Publisher: | RTÉ |
| First Broadcast Channel: | RTÉ One |
| Production Year: | 2011 |
| Country of Production: | Ireland |
| Original Identifier: | 11D01190 |
| IPR Restrictions: | Rights Reserved - Free Access |
| Rights, Terms and Conditions: | Copyright RTÉ. This material may not be replicated in any form or manner without the prior express permission of RTÉ. Any form of reproduction in print, television, video, multimedia, web site or other electronic media or any form of dissemination for commercial or non-commercial use must be licensed by the RTÉ Archives. If you wish to licence video or audio clips, still images or text, or would like further guidance please contact us. RTÉ Archives are committed to respecting the copyright of others and have attempted to source and credit the copyright owners of all material used here. RTÉ would like to hear from any copyright owners who are not properly identified here so that the necessary corrections can be made. If you feel your copyright has not been respected please contact us. |
| Item Type: | part/extract |
| Colour: | Colour |
| Sound: | Mono |
| Aspect Ratio: | 16:9 (widescreen) |
| Language: | English (eng) |
