Donohoe announces €1.5bn in extra spending and tax cuts
Minister for Finance Paschal Donohoe has announced €1.5bn in extra spending and tax cuts in Budget 2022. He said the measures would tackle the rising cost of living, while putting the public finances on a sustainable path as we emerge from the pandemic. But the Opposition accused the Government of being “out of touch” and […]
Budget 2022 puts economy on ‘prudent path’ – IFAC
The Irish Fiscal Advisory Council (IFAC) said the Government has put the economy on a more “prudent path” after Budget 2022. IFAC said that in following its spending rule “even as revenues have surprised on the upside, the Government has the economy on a more prudent path that will reduce borrowing and the debt ratio […]
Numbers on PUP fall below 100,000 for first time
Figures from the Department of Social Protection show that for the first time since the start of Covid-19, the number of people in receipt of the Pandemic Unemployment Payment has fallen below the 100,000 mark. Today’s figures show that the weekly payments valued at €25.1m are to be issued to 97,130 people in receipt of […]
Thousands more carers in line to receive allowance in Budget
Thousands more carers are in line to receive the Carer’s Allowance under changes expected to be announced in the Budget tomorrow. It comes as an extra €200m in the Social Protection allocation was finalised tonight. The means-test for carers will be broadened to allow couples with a weekly income of up to €750, and single […]
€1bn of new spending, tax cuts expected in today’s Budget
Budget 2022, which will be announced this afternoon by Minister for Finance Paschal Donohoe, followed by Minister for Public Expenditure and Reform Michael McGrath is expected to be a €4.7bn package – with €1bn in new spending and half a billion euro in tax cuts. An increase of €5 in the main weekly welfare payments […]
Used car prices surge nearly 50% due to pandemic, Brexit – report
Used car prices are now nearly 50% higher than they were just before the onset of the pandemic in January 2020, according to a new report by online marketplace, DoneDeal.ie. The research says the spike has been caused by a combination of the pandemic hitting supplies of new cars, as well as Brexit-induced trade barriers. […]
Increase in fuel allowance likely to form part of Budget 2022
An increase in the fuel allowance and a widening of the eligibility criteria for the payment are likely to form part of tomorrow’s Budget. The final details will be signed-off on at a meeting of Cabinet, ahead of an announcement in the Dáil. After last year’s Budget was overshadowed by the Covid-19 crisis, this year […]
Construction sector activity slows again in September – Ulster Bank
Construction firms continued to experience strong growth in activity in September, despite the latest Ulster Bank Construction PMI easing for the fourth month in a row. The Ulster Bank Construction PMI – which track changes in total construction activity – posted a reading of 56.3 in September, down from 57.5 in August. Index readings above […]
OECD to announce global corporate tax deal
The Organisation for Economic Cooperation and Development is expected to announce a revised Framework Agreement in Paris today on global corporate tax reform. The deal will see big multinationals pay an effective minimum global rate of 15%. Later today, Ireland will join 140 other countries in the global deal after Cabinet yesterday approved an increase […]
Proposal to increase State pension age by 3 months every year from 2028
The Cabinet this evening discussed a proposal to increase the State pension age by three months every year from 2028. This proposal is part of the report of the Pensions Commission that Minister for Social Protection Heather Humphreys has brought to Government. Under the recommendations, the pension age would reach 67 in 2031 and it […]
Societal movement to end fossil fuel use needed – SEAI
Chief Executive of the Sustainable Energy Authority of Ireland (SEAI) William Walsh has said it is more essential than ever to accelerate the deployment of energy efficiency and renewable energy technologies, and increase sustainable energy practices across all sectors. Mr Walsh said road transport emissions are almost back to pre-pandemic levels, and dramatic change is […]
Labour calls for carbon tax credit for households in Budget 2022
Labour is calling for a carbon tax credit for households in Budget 2022 to address the rising cost of gas and electricity. In its pre-Budget submission the party is seeking a credit of €200 for those with an income of up to €50,000 and living in a home with a BER rating of less than […]
Cabinet set to decide on Ireland’s corporate tax rate
The Cabinet will meet this afternoon to decide whether Ireland should sign up to sweeping global corporation tax reforms that would require the long-standing 12.5% rate to be increased to 15%. The plan also proposes changes to where companies would pay their taxes, that the Department of Finance has estimated could reduce Ireland’s tax take […]
ESRI forecasts robust economic recovery
The Economic and Social Research Institute (ESRI) has become the latest body to forecast a robust recovery in the economy. In its Quarterly Economic Commentary, published today, the ESRI predicts the domestic economy will grow by just over 7% this year while GDP will grow by 12.6%. The report says this will ease the pressure […]
Big jump in residential commencements in second quarter
Residential development commencements jumped threefold in the second quarter of the year compared to the same period last year. The figures, compiled by Deloitte, also show a two-fold increase in the number of residential developments that commenced versus the first quarter of this year as pent up demand began to be released. “The large increase […]
Central Bank forecasts rebound in domestic economic activity this year
A stronger than expected recovery is forecast to result in activity in the domestic economy returning to pre-pandemic levels this year, according to the Central Bank. In its Quarterly Bulletin, published today, the Central Bank also warns that in the short-term surging demand and bottlenecks in the supply of some goods will lead to higher […]
Revision of draft OECD tax reform plan positive – Martin
Taoiseach Micheál Martin has said the revision of the text of a draft OECD global corporate tax rate reform plan is a positive step. Diplomatic efforts are set to continue ahead of an expected final Irish Government decision tomorrow. An updated draft of the tax deal yesterday dropped “at least” from a proposed minimum global […]
Services sector records strongest growth since Q2 2006
The Irish services sector continued to grow rapidly in September, according to AIB’s Purchasing Managers’ Index. It reveals that the pace of expansion remained unchanged from the previous month, and rounded off the strongest quarter of growth since the second quarter of 2006. New and outstanding work both continued to expand sharply, while companies in […]