Labour to oppose Financial resolution No. 3

Labour Trade Unionists
08 October 2019

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.”

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