4,500 companies saved from going bust during pandemic
Government pandemic supports saved at least 4,500 Irish companies from going bust – an average of 50 companies every week, according to analysis by PwC which feature in a report ‘Act Now: From recovery to growth’. The author of the report said that while the businesses avoided insolvency, they will need further support to repair […]
Govt looking at ‘range of charges’ over cost of living
Taoiseach Micheál Martin has said the Government will look to see what it can do to alleviate pressure quickly on those who are hardest hit by inflation. He said this is “not going to be a mini-budget” but it will look at a range of charges from health to transport to see what it can […]
Spending in bars more than trebled as Covid restrictions eased
New figures show that spending in pubs and bars more than tripled on the day Covid-19 restrictions on socialising were eased. The latest Revolut Spending Report shows that the amount of money spent in bars was 212% higher on January 22 than it had been the day before, when the 8pm curfew was still in […]
Road traffic numbers hit pre-pandemic levels, but fewer use public transport
The number of cars on Irish roads has hit pre-pandemic levels, but there are fewer people travelling on public transport. This comes as ESRI behavioural research shows that while public levels of worry over contracting Covid-19 are decreasing, people consider public transport as a “high risk” activity when it comes to catching the virus. Data […]
Difficult decision for Govt on how best to tackle rising cost of living
The Government faces a difficult decision on how to tackle the rising cost of living for poorer families while balancing environmental considerations, according to Professor of Economics at University of Limerick, Stephen Kinsella. High inflation is being driven by rising energy costs, and should the Government choose to subsidise fuel, it will have a negative […]
ECB keeps policy unchanged as expected despite record inflation
The European Central Bank kept policy unchanged as expected today, curbing stimulus over the coming months but maintaining plenty of support for the economy even after inflation unexpectedly hit a fresh record high. After the ECB extended support measures only in December, policy change was not expected to be on the agenda. But stubbornly high […]
Banking staff trained to spot signs of financial abuse
Banking staff nationwide are being trained to spot the signs of financial abuse and coercive control. The move follows research which found that over 20% of women aged 18 to 34 do not have control of their finances. The Banking & Payments Federation of Ireland says younger women also find it difficult to collect money […]
Unemployment figures move higher in January
The unemployment rate rose marginally in January to 5.3%, up from 5.2% in December, new figures from the Central Statistics Office show today. When those on the Pandemic Unemployment Payment (PUP) are included, the rate moved up to 7.8% from 7.4% in December. This compares to a jobless rate of 27.1%, including those on the […]
Scrapping of Covid curbs lifts service sector growth – PMI
Growth in the country’s service sector picked up in January as some firms reported a pick-up in trading conditions and consumer confidence following the lifting of almost all Covid-19 restrictions, a survey found today. The AIB IHS Markit Purchasing Managers’ Index (PMI) moved up to 56.2 in January from 55.4 in December. The rate of […]
Govt may take more action on rising cost of living
Taoiseach Micheál Martin and Tánaiste Leo Varadkar have both signalled that the Government is going to take further actions to counter the rising cost of living. Opposition parties have regularly accused the Coalition of not doing enough to help off-set a spike in inflation. Addressing the Fianna Fáil parliamentary party last night, Mr Martin said […]
Govt to extend Enhanced Illness Benefit until end of June
The Government is to extend the Enhanced Illness Benefit (EIB), paid at €350 per week, until the end of June. This scheme is designed to support people who are diagnosed with Covid-19 or who need to self-isolate in line with HSE guidelines or the advice of a GP. In general, EIB is paid for up […]
Mortgage lending rules need to be amended, PII says
The design and calibration of the mortgage lending rules need to be amended, an organisation representing the property industry here has argued. Property Industry Ireland (PII) claimed the current measures are outdated and need to be changed to reflect buyers’ what a household can afford to spend, not what their income is. The argument is […]
Committee recommends keeping State Pension age at 66
The qualifying age for the State Pension should remain at age 66, the Oireachtas Committee on Social Protection has recommended. In a report published today, the committee also calls for legislation to ban mandatory retirement clauses in employment contracts. And it is seeking flexibility to allow those with 40 years’ contributions to access their State […]
New workplace guidance following easing of Covid restrictions
New guidance for workplaces has been published to reflect the recent relaxation of most public health measures. The Transitional Protocol eases many requirements on businesses but says good practices should be maintained. It is ten days since the Government announced the relaxation of most public health measures, and following engagement with business and unions it […]
Manufacturing sector continues to grow, AIB PMI reveals
The manufacturing sector continued to grow in January, according to the latest AIB Purchasing Managers Index (PMI). The headline index picked up to 59.4 in January, from December’s nine-month low of 58.3. Readings above 50 indicate overall rises in activity. The index remains at an elevated level historically, with the January reading higher than in […]
EWSS rates to be cut from today for some companies
The Employment Wage Subsidy Scheme rates will be cut from today, but not for those companies impacted by Covid restrictions introduced in December. The subsidy rates will fall from a range of €203 – €350 a week to €151.50 – €203 a week depending on an employee’s salary. According to provisional statistics published by Revenue […]
‘Rogue operators’ face competition law crackdown – Varadkar
Rogue operators could face a fine of €10 million or 10% of worldwide turnover for breaches of competition law, under a new law published today. The Competition (Amendment) Bill 2022 will give more powers to the Competition and Consumer Protection Commission and the Commission for Communications Regulation. It will enhance the ability of the CCPC […]
Half of firms and workers expect pay to rise this year – Bank of Ireland Pulse
Half of firms are planning to raise basic pay for employees by an average of 4% this year, according to a survey of businesses and consumers by Bank of Ireland. A similar proportion of workers are expecting a pay rise of on average 3%, the bank’s Economic Pulse for January shows. It comes against the […]