The 'old reliables' and how Budget 2022 affects you

The excise on a pack of 20 cigarettes will increase by 50c.

Cigarettes, alcohol and petrol are the old reliables when it comes to the budget.

Budget 2022 was no different. Minister for Finance Paschal Donohoe confirmed that the price of cigarettes is set to rise.

The excise on a pack of 20 cigarettes will increase by 50c with a pro-rata increase on all tobacco products.

“This will bring the price of cigarettes in the most popular price category to €15,” Mr Donohoe said. Retailers Against Smuggling (RAS) have warned that the price rise could “further fuel a rapidly growing black market”.

There is no increase in the excise duty on alcohol however some small producers will be better off.

Mr Donohoe announced "the granting of up to 50% excise relief to independent small producers of cider and other fermented drinks products".

While specific petrol changes weren't mentioned in the budget speech, the carbon tax is set to increase. Mr Donohoe said there will be annual incremental raises in the carbon tax of €7.50 out to 2030.

This will see diesel rise by 2.5c per litre with petrol jumping up by 2.1c.

How does this all affect me?

If you’re a young person who relies on public transport, the budget has been kind. A new Youth Travel Card will be available for anyone aged between 19 and 23 allowing for a 50% discount on fares across the transport network.

Free contraception is to be made available to women aged between 17 and 25 from August next year as part of a €47m investment in women's health.

The minimum wage is also set to increase to €10.50 – an increase of 30c. The ceiling of the second USC rate band will be increased from €20,687 to €21,295.

The Susi grant is also set to rise by €200 marking the first increase in the grant in 10 years.

For people looking to get on the property ladder, new “affordable” homes are set to be built. A €4bn housing budget will be used to deliver 11,820 social homes and 4,000 affordable purchase and cost-rental homes

Some 9,000 new-build social housing units are also set to come in 2022.

For anyone with children, the universal National Childcare Scheme subsidy has been extended to all children under the age of 15. This subsidy will not be means-tested and currently provides 50c per hour towards the cost of a registered childcare place for a maximum of 45 hours per week.

The Qualified Child Increase will also go up by €3 for children aged 12 and over, and by €2 a week for children under 12.

Parents Benefit is also set to be extended by two weeks, bringing the support up to seven weeks from July of next year.

Those on Jobseekers Allowance and Supplementary Welfare Allowance will get the support after 12 months, down from the current 15 months.

For older people, pensioners are to benefit with an extra €5 per week, while there will be a €3 increase on the Living Alone Allowance.

The weekly rate of the Fuel Allowance will increase by €5 from midnight, at a cost of €55.8m.

The Government has also confirmed that the Christmas bonus will be paid in full this year.

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