Budget 2021: So what exactly happens on budget day?

Finance Minister Paschal Donohoe during a media briefing on the macroeconomic forecast for Budget 2021. Picture: Gareth Chaney/Collins

Budget day is one of those important set-pieces in the political calendar filled with fanfare, rumours, and intense pressure on journalists to get the last tidbits on giveaways and cuts before they are announced in the Dáil chamber. 

This year, however, will be slightly different as, for social distancing purposes, the action will be moved across the river Liffey to the airy surrounds of the Convention Centre.

We will be hearing plenty about the billions upon billions of euro that will be spent. Budget 2021 is set to be the largest in the history of the State as the coalition Government plans to spend its way out of the pandemic.

For the first time since 2016, we will also have two ministers, with Paschal Donohoe announcing the finance side of things and then Michael McGrath making the public expenditure elements known. They will take to their feet at 1pm.

These budget statements outline the general economic and fiscal outlook and the changes the Government proposes to make to taxes and spending.

The main Opposition leaders then pile in to usually criticise as much of the plan as possible with reaction from them taking proceedings right up to 8pm before the Dáil takes a sos — that's a break as Gaeilge, but by that stage we may all be in need of saving.

Away from the main action in the temporary chamber, ministers and their department officials will begin providing sectoral briefings to journalists. 

These briefings, which drill down into the headlines announced in the two main budget speeches, are held in the various departments as well as the Italian Room and press centre in Government Buildings.

From 8.30pm onward, TDs will vote on any financial measures, such as increasing Vat on cigarettes and other usual suspects, that must pass by midnight. While no increase to the price of alcohol is expected as part of tomorrow's budget, an extra 50c on a 20-pack of cigarettes has been flagged.

The Dáil is not due to adjourn until 12.40am, so it will be a long day for all involved, especially considering the Dáil bar took last orders when level three restrictions were introduced.

However, budget day really only begins the process of tax changes, new supports, and financial allocations as many of the measures that will be announced, such as the Finance Bill and Social Protection Bill, will take months to pass.