Plans to ease the financial pain of mortgage rate increases in Budget 2024 could backfire on the Government. Photograph: iStock
On the one hand, the Government is keen to present itself as the prudent guardian of the State’s finances while trying to soften the ongoing pressure of the cost-of-living crisis. This is complicated, of course, given that it is set against a background of significant surpluses despite the recent setback in corporation tax take.
But whether it will offer enough to fundamentally improve the position of those in either group remains to be seen.Meantime, the measure, we are led to believe, will exclude holders of fixed mortgages — who are carrying the burden of two-thirds of the €79 billion outstanding on loans against family homes.