Finance Minister Paschal Donohoe has insisted he is still an "advocate" for income tax cuts despite failing to include any significant reductions in the biggest spending budget in the history of the State.

Speaking on the Floating Voter Budget Review, along with EY Ireland's Head of Tax, Kevin McLoughlin, the Minister said he will seek to give hard-pressed taxpayers personal tax cuts when the economy returns to good health.

"I will continue to be an advocate to look at how we can change the point where taxpayers pay the higher rates of income tax and USC," Mr Donohoe said.

"When we get to the point in our economy where we can continue to make progress in relation to that I absolutely will," he added.

The minister said he believes is important that people should earn more if they work hard and put in long hours in their jobs.

However, he said: “We are just in circumstances that are so difficult at the moment and it wasn't the right course of action for the Budget," he said.

Mr Donohoe said if he had cut taxes he would have had to either borrow more money or ditched other spending initiatives aimed at protecting businesses and jobs.

He defended pumping millions into private businesses saying the funding was in recognition of the risk employers take to create jobs for others.

Meanwhile, Kevin McLoughlin told presenter Kevin Doyle and Political Editor, Philip Ryan, that the Budget had been well received by the business community.

“There was bit of forward looking to it and a nod to innovation and a nod to how innovation might play in the future development of the economy in creating jobs,” he said.

The Floating Voter Budget 2021 Series is in association with EY Ireland.