Old-age pensioners are likely to be major beneficiaries of a generous social welfare package which, along with major tax cuts, will be the central feature today of the biggest give-away Budget of recent years.
Other social welfare recipients will be given lower rises, although still above the rate of inflation. Pension rises could be in the region of £7 a week but the elderly may have to wait until next year before receiving the Coalition's promised £100 a week.
On the taxation front, the Budget will be generous, with a package of around £800 million expected to target lower- and middle-income earners as well as married women returning to the workforce.
There is likely be extra spending on health, particularly aimed at further reducing hospital waiting lists. At the same time a packet of 20 cigarettes is likely to rise by 50p.
For the second year in a row, the Minister for Finance has left it until this morning to brief the Cabinet on his specific plans. The Minister has kept the details of the speech so secret that many senior civil servants and Ministers are unaware of much of the content.
However, it appears that when he stands up in the Dail at 4.15 p.m., one of Mr McCreevy's main focuses will be on removing thousands of people from the top tax bracket, a key pre-Budget demand of the Irish Congress of Trade Unions. Thousands will also be taken from the tax net altogether.
This will involve a significant widening of personal allowances as well as a widening of bands. The move to tax credits started last year will also continue. Both the top and standard rates are likely to be reduced by one percentage point. There will be a further cut of four percentage points in the rate of corporation tax as it continues to be reduced towards 12.5 per cent for all businesses.
In the speech, which will take just over one hour, the Minister will make significant reforms of the capital acquisitions tax regime so that those inheriting the family home from close relatives do not face an intolerable financial burden.
Significant childcare relief is now unlikely, and much of the focus will be on the supply of childcare services. In addition there will be increases in child benefit of at least £10.
Other measures are expected to include the abolition of benefit-in-kind on employer subsidies for childcare.
In addition, many of the rules introduced last year to promote investment in childcare facilities are likely to be relaxed. There are expected to be tax incentives for employers to set up creche facilities or for renovating premises to provide the service.