Chile Proposes 2.7% Increase in 2025 Budget

The Irish government has unveiled its largest budget to date, which includes an 80-cent increase in the minimum wage and a new 3% entry rate for the Universal Social Charge to alleviate tax burdens on lower-income earners. It will also extend the Help to Buy scheme for first-time buyers until 2030 and allocate significant funds for housing and infrastructure, including €1 billion for water infrastructure and €1.25 billion for housing projects. Meanwhile, in Chile, President Gabriel Boric proposed a 2.7% increase in the 2025 budget, focusing on enhancing national security and social services, with a $1.5 billion boost to justice and security funding. This budget aims to combat organized crime and manage immigration, while also increasing support for pensions and healthcare. Both governments are facing challenges, with Irish hospitality sectors expressing disappointment over unchanged VAT rates, and Chile's central bank projecting slowing economic growth and inflation adjustments. These budget proposals reflect a commitment to addressing pressing social issues while managing economic constraints.