Labour to oppose Financial resolution No. 3
The Labour Party will oppose Financial Resolution No. 3 due to the failure of the Government to increase the levy on profitable banks.
A Labour spokesperson said:
“If the Government had increased the Banking Levy from €150m to €400m, as proposed by the Labour Party, the additional revenue raised would have paid for an increase to weekly social rates in line with the projected inflation of 1.5% in 2020. The cost of this measure would have been just under €250 million. For example the contributory old age pension of €248.30 would need to rise by €3.72 to keep pace with inflation in 2020.”