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Updated 10.57 pm
THE UNIVERSAL SOCIAL Charge (USC) is going nowhere for the time being according to Finance Minister Michael Noonan.
The minister, speaking to Pat Kenny on Newstalk this morning, said that the tax is here for the “foreseeable future”.
The Government announced in last month’s budget that the USC tax bands are changing to reduce people’s tax burden but, in today’s interview, Noonan said the Government has no plans to abolish it completely.
“It collects an enormous amount of money, over €4.5 billion. It’s going to be part of the personal taxation code,” he said.
“There will be USC for the foreseeable future. The adjustments for lower paid people will be through adjustments through USC. I’d like them to pay a little but not a lot.”
Noonan also said that he would like to see the Central Bank’s new mortgage lending rules relaxed to allow more people secure 80%-plus mortgages.
Under the rules, banks can have no more than 15% of their loan book made up of mortgages over 80% of value, Noonan says he would like to see this increased.
“I would like to see that 20-25% and I think there’s scope to do that,” he said.
Noonan was also asked about possible coalitions after the next General Election, saying that his party’s “preferred Government will be Fine Gael and Labour”.
“We don’t know where Fianna Fáil stand,” he said on a possible coalition between the two parties.
IMF
Noonan also announced today that Ireland is to pay its first €9 billion tranche back to the International Monetary Fund next month.
The early repayment will save us €750 million in interest, according to the minister, and will take place on two dates in December.
Noonan said that he expects interest savings of €1.5 billion to be achieved from early repayment of the total €18 billion, though the actual savings will depend on the timing and markets.
“By reducing the interest bill on the national debt we reduce the amount of tax revenues and borrowing that go towards financing the debt,” he said. “This frees up resources for investment in activities that will grow the economy, create jobs and opportunities. This has knock-on benefits across the economy and can lower the cost of debt for businesses and families.”
He added that it is “essential” that we improve debt sustainability in order to break the boom and bust cycle of the past.
- Additional reporting by Rónán Duffy
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Blandness for the masses.
Hoping to have a cracking night tonight. I live thousands of miles away, by the way.
@Martin Flood: sounds like Ed should have a great night too
Almost every woman in the country will have seen him by this weekend
I see the Moaning Michaels are up early today.
I’ve passed by a few times this week, venue looks great, should be a great night for those going if the rain holds off!
Sheeran shuttle €12.50/€15 big difference between that and the gig in Galway €1.30/€2.30 for the bus. Unbelievable show tho from all acts
Phoenix Park shouldn’t be a concert area. More than 60.000 people will come for 3 nights in a week. That’s not a regional or national event. All animals, and habitat will be affected. I live next to Phoenix Park and they told me I can’t drive during the concert nights. We have other stadiums and concert areas.
@penyez: You’re spot on, going by previous events the park will be in bits, there’s no respect for nature anymore. I know Croke Park can’t be used because of the Rolling Stones gig, but we still have the Aviva as big venue.
@Bart Hoppenbrouwers: don’t worry all the wildlife will be fast asleep due to the blandness of it all.
Oh God and sweet baby Jesus…….
There’s enough going on in Croke Park tomorrow night to entertain the masses
@Gareth Cooney: I know, I’m thinking of all the poor men been dragged along by their girlfriends
@Alana: to Ed
These concerts seem to be attracting the type of people who don’t usually go to gigs. John and Aisling who were looking forward to Garth Brooks a few years ago are attending these concerts en masse.
Meanwhile Ed Sheeran is laughing all the way to the bank.
Is he still a thing
Seated ticket for tonight for sale . Block D row AA. 50 euro.
@Alan Campbell: Don’t feel bad. Some people paid a lot more.
I feel sorry for the animals in the zoo. They had no say in this and have to sit through three nights of torture!
Please don’t turn up to the stones concert ed
The LCD.
have your say