Labour’s Finance Spokesperson, Drogheda TD Ged Nash, has launched the party’s Cost of Living Action Plan today, calling for urgent government action to protect Irish families from the relentless rise in the cost of living.

Speaking at the launch in Dublin, Deputy Nash highlighted that under the current government, prices have risen faster than wages and fixed incomes, eroding the real spending power of households across the country.

The rising cost of living, he said, has much to do with government inaction and toothless regulation, with a lack of consumer protection focus.

Calling for immediate action in Budget 2025, and for the next government to ‘declare war’ on high prices by getting regulators to adopt a more pro-customer approach, Deputy Nash said;

“Over the last year alone, food prices have soared by 2%, and Irish energy prices remain among the highest in Europe. This government has stood by as forms of legalised price gouging has taken root, doing little to shield the public from the relentless squeeze on their wallets. The time for talking is over; we need real action to address the cost of living crisis.”

The Labour Party’s Cost of Living Action Plan outlines a series of practical and immediate measures to restore fairness and economic stability. These include:

• Indexation of tax and social welfare to protect spending power. In Budget 2025, Labour proposes a minimum 4.5% increase in weekly rates to
• Introduce a Real Living Wage. Labour proposes a €1 an hour increase to the National Minimum Wage in 2025.

In addition, Labour has proposed structural, regulatory reforms that would make energy, phone, broadband and grocery bills more affordable in the long term by;

• Working to reduce electricity prices to the European average, ultimately taking on average €500 per annum off the average household’s bill.
• Empowering the Competition & Consumer Protection Commission (CCPC)  to investigate and combat price gouging with a number of reforms, including increasing the CCPC’s budget by 10% and grant it the authority to levy larger fines.
• Increasing the Small Claims Procedure Limit from the €2,000 set in 2006, to €8,000.
• Ending the penalty on ‘instalment payments’ like Motor Tax.
• Making lower prices available for all, and not just new customers, by tackling the loyalty penalty imposed by telecoms giants
• Banning 3% plus inflation automatic annual price increases in certain service contracts (phones, broadband etc) like in the UK.

Deputy Nash continued;

“As an indication of Labour’s commitment to fairer prices, in government we would appoint a Minister of State for Consumer Protection.

“Our plan is both realistic and necessary. Incomes are simply not keeping pace with the rising cost of living. For too long, people have had to make hard choices between heating their homes and putting food on the table. Labour’s proposals are designed to protect incomes, ensure fair pricing, and support those who are being left behind by a government that has lost touch with the everyday struggles of ordinary people.

“We’re proposing a significant increase in social welfare payments and tax credits, which will give a much-needed boost to those on fixed incomes, such a pensioners, carers, people with disabilities or illness and those seeking employment.”

“Moreover, introducing a real Living Wage will ensure that work pays and that workers can meet their basic needs without falling into poverty.

“We also need to address the underlying causes of high prices. Reducing electricity prices to the European average and giving the CCPC the powers and resources it needs to tackle price gouging will go a long way in bringing down the cost of living. Irish families would pay €500 less in their electricity bills every year if prices were at the European average. An independent expert assessment of why energy costs in Ireland is so, must be carried out. These measures are essential if we are to restore trust and fairness in the market.

“The Government must support our proposals to build a future that works for all. This is not just about managing a crisis—it’s about ensuring that everyone in Ireland can afford to live with dignity and security. The time for action is now.”