Emergency Budget needed to support workers and families as inflation hits highest rate in four decades – Pearse Doherty TD
Sinn Féin spokesperson on Finance Pearse Doherty TD has said that today’s Consumer Price Index published by the CSO, which shows the highest rate of inflation in 38 years, underlines the need for the government to introduce targeted measures that support low and middle-income households.
The Donegal TD again called on the government to bring forward an emergency budget to protect struggling households.
Teachta Doherty said:
“Figures produced by the CSO today show that inflation has hit the highest rate in nearly four decades
“In the year to May, prices rose on average by 7.8 percent.
“Household energy prices are up by 57 percent while the cost of home heating oil has more than doubled.
“Food prices are up by 5 percent and will rise further.
“These are not just numbers, but represent the real hardship being felt by households who simply cannot bear these price increases.
“For months, Sinn Féin have called for an emergency budget to provide targeted support to struggling workers and families.
“It is disgraceful that this government refuses to act while households face the biggest price shock in decades.
“That even the Tories in Britain have responded to the cost of living crisis with greater urgency shows how out of touch this government is.
“Yesterday, the OECD in their Economic Outlook noted that the government’s response to date has provided only limited protection to poorer households.
“We recognise that inflation has been turbocharged by the war in Ukraine, and that everyone cannot be insulated from every price increase.
“But the government can and must do more – they have a responsibility.
“Sinn Féin has been consistent in calling for an Emergency Budget that provides targeted and sensible measures.
“By reducing the cost of home heating oil, not increasing it.
“By reducing the rate of excise duty applied to petrol and diesel to the minimum level permissible.
“By increasing social welfare rates, which the government has disgracefully allowed to fall far behind the rate of inflation.
“By introducing cost-of-living cash payments to lower and middle-income households.
“By reducing childcare costs, increasing the minimum wage and helping struggling renters with a refundable tax credit and a ban on rent increases.
“The government’s refusal to act is inexcusable, with workers and families paying the price."