GE2024: How the highest polling parties plan to tackle cost of living

It's no secret that the cost of living in Ireland has skyrocketed in recent years. It has impacted everything from getting a week's worth of shopping done to paying your monthly bills, and while the actual rate of inflation has gone down it still doesn't change the fact that so many things are more expensive than they were a few years ago.

A few months ago, The Irish Times and Ipsos conducted a poll about what issues would be the most important in the upcoming general election. Cost of living was at the top after being listed by around 30% of respondents, so that gives you an idea of just how much emphasis party leaders will have to put on their plans to address it if they want to be in government.

Trawling through each party's manifesto can take quite a bit of time, and sometimes narrowing it down to what you're looking for can be a task in itself. Knowing how important it is for the cost of living crisis to be addressed, we pulled out some of the key points for you.

The below information is based on what is in each party's manifesto, and they are organised based on how they were polling at the time of writing. If you would like to see what else these party's promise to do if elected into government, you can see their plans to address the housing crisis.

Fine Gael

From a campaign perspective, addressing the cost of living crisis is in many ways easier for opposition parties to promote. Having been part of every government since 2011, the challenge for Fine Gael is to convince voters that this next term will be different and that people will have more money in their pockets.

Many of the measures Fine Gael promises to take will be centred around this idea, with their campaign focused on the tagline of "Securing your future." With that in mind, here are some of the main points in the party's manifesto relevant to the cost of living crisis:

• Getting rid of student fees and apprenticeship fees
• Increase in Rent Tax Credit
• Increase threshold for higher rate of USC
• Lower VAT rate for businesses (e.g. food, hairdressers, etc.)
• Enhance powers of the Consumer Protection Commission

Fianna Fáil

Given how the major role Fianna Fáil has played in the current coalition Government, the party faces many of the same challenges as Fine Gael. If they hope to strengthen their presence in the Dáíl, they will need to convince voters that the measures they are suggesting will take some of the financial pressure off people's shoulders.

One section of the party's manifesto is focused on "Action on the cost of living," with several steps laid out on what they offer. Here are some of the key points:

• Lower energy costs by investing low cost sources and distribution
• Match tax benefits and welfare increases in line with rising prices
• Cut the lower rate of USC from 3% to 1.5%
• Increase entry point for higher rate of income tax to at least €50,000
• Decrease cost of public services

Sinn Féin

On the other side of the coin, Sinn Féín has the advantage of promising something different to what came before. While support for the party has fluctuated over the years since the last election, party leader Mary Lou McDonald will be hoping to gain a foothold in the next government.

If that is to happen, Sinn Féin will have to convince voters to believe in their cost of living package. Below are some of the key measures included in the party's manifesto:

• Abolish the USC on the first €45,000 that any worker earns
• Abolish the TV licence fee
• Extend the reduced rate of VAT on household energy bills
• Scrap the planned increase in the carbon tax this October
• €450 electricity credit this autumn and winter

Social Democrats

The Social Democrats will in all likelihood not be the largest party in the next Dáil, but they could play an important role in forming the government.

Should they gain enough seats to gain ministerial positions for party members, it would be seen as a major accomplishment for the party in what is only its third general election. Here are some of the measures they have laid out:

• Make the Minimum Wage a real Living Wage
• Freeze rents for three years
• Introduce an annual €200 Culture Voucher for 18 to 24-year-olds
• Extend free GP care to all age groups
• Apply a 9% VAT rate to food and drink

Labour

The 2020 election was not kind to Labour, so recovering some of that lost ground will likely be one of the main priorities this time around.

In the hopes that the party can return to government for the first time since the 2011 election, it calls for a message of "positive change." Here are some of the key things included in this year's manifesto:

• Lower electricity prices to the European average
• Protect consumers from price gouging
• Ensure incomes are protected from inflation
• Increase low pay rates
• End automatic price increases on services like phone and broadband

Green Party

While support for the Green Party in the 2020 election saw them play a vital role in forming the coalition, they are not polling as strongly this time around. If the party is to play a similar part in the next Dáil,

The year 2030 is a key benchmark for the Green Party, and their overall strategy is tailored towards it.

• Pursue a wealth tax on individuals holding assets over €10 million
• Expand energy efficiency grant
• Introduce a new anti-child-poverty payment
• Increase social welfare in line with wage and price inflation
• Introduce a refundable tax credit to supplement the income of part time workers