Business owners in the capital will have to pay almost 3% more in commercial rates next year after Dublin City Council passed its budget for 2020.

Local authority rents will not be increased, as was previously warned, but there will be hikes for on-street parking and the East Link toll.

The price hikes are to make up for a loss of €8.4m in income from Irish Water-owned properties and an increase in insurance.

On street parking will increase by 10% from next July while the East Link toll will increase by 36% from April.

A majority of councillors voted for commercial rates to be increased by 2.7% from 1 January.