Taoiseach Leo Varadkar has revealed that "significant" cost of living measures will be included in next week's budget announcement.

The €6.4bn package will be unveiled next Tuesday, October 10. The Taoiseach has emphasised that the package will likely not be finalised until Sunday night and subject to Cabinet approval on Tuesday morning.

Speaking to media in Dublin on Tuesday, Mr Varadkar urged against public speculation but did give an idea of what to expect from the 2024 package.

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"What I can say is that it will contain an income tax and USC package which will reward work," the Taoiseach said. "The amount you gain will depend on how much you earn and your circumstances, that’s always the case.

"There will be a significant cost-of-living package which people will feel the effect of before Christmas because petrol/diesel prices are high, energy prices are still high, gas prices are still high.

"There will be help for business and farms because of the high costs they’re facing". Mr Varadkar added. "There will be a focus on children and you’ll see that in the social protection area, education and childcare."

It has been reported that core social welfare rates and the state pension are expected to rise by at least €10. The Universal Social Charge is expected to be reduced from 4.5% to 4%, which would see workers on incomes between €23,000 and €70,000 save around €230 per year.

Meanwhile, excise duties that would see petrol and diesel go over €2 per litre are tipped to be halted.

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