The ending of once-off payments signifies a shift in fiscal policy, prompted by rising spending levels and a sense of entitlement among some recipients. Budget 2026 will face challenges as spending growth slows, particularly in light of a looming 30% tariff threat from the US. Trade tensions have escalated, with potential tariffs on key imports such as Airbus and pharmaceuticals adding to economic uncertainty. Leaders express concern over the impact of tariffs on the economy, underscoring the urgency for a deal before the opportunity closes.
The winding down of the payments was inevitable. For one, they were no longer 'once off' - many had started to take them for granted.
Taoiseach Micheál Martin has said Mr Trump's hammer blow would have a 'very severe impact' on the economy.
If you arrived at a scenario where there are 30pc tariffs, the impact of that is quite extraordinary.
The grim news that Brussels plans to impose tariffs on Boeing aircraft, cars and bourbon is a further reminder of how close to an all-out trade war we have come.
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