Budget 2024 - Our Analysis

Tax Senior Manager, Mike Scanlan, shared his overview and analysis of Budget 2024 at our hybrid event yesterday morning, alongside Oliver Mangan, Chief Economist AIB.

According to Mr. Scanlan, “The Budget 2024 announcements made on Tuesday were a mix of trying to address the challenges that people face in the here and now, whilst also making provision for the challenges to come for future generations. It is acknowledged that the economy remains in relatively good health, evidenced by a significant budget surplus”.

He further commented however that “There are continued challenges being presented in the context of global geopolitical uncertainties, continued pressures on energy costs, and 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 €14bn 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."

In summarising his views in terms of the economic outlook, Oliver Mangan, further noted that the “Government fiscal policy is to remain supportive of businesses and stimulating economic activity, while at the same time making provision for future challenges.”

You will find further detailed commentary and analysis, to include the presentations made by Mr. Scanlan and Mr. Mangan, as part of the following link in our dedicated Budget 2024 webpage available here.

RBK will also be considering the details of the Finance Bill 2023 once published in the coming weeks, with further analysis and commentary to follow in due course.

Pictured (l-r): Joe Cleary, Managing Partner, RBK, Alan Shaw, President, Athlone Chamber, Mike Scanlan, Senior Tax Manager, RBK, Oliver Mangan, Chief Economist, AIB, Padraig Leen, Manager, AIB Commercial Banking.