‘Transformative change’ needed as Govt to sign off on €165bn National Development Plan
The Minister for Public Expenditure and Reform has said the National Development Plan (NDP), which will be announced later today, is the largest public capital investment programme in the history of the State in relation to transport and housing. Michael McGrath said “transformative change” is needed in the area of transport policy in Ireland. The […]
Govt urged to scrap pandemic bonus plan
The Government needs to scrap its plan for frontline pandemic bonus payments and a new bank holiday because it will burden future generations with increased debt, CEO of the Irish Small and Medium Business Association Neil McDonnell has said. The call came as a prominent Limerick-based economics professor labelled pandemic bonuses as a “bad idea” […]
Forecasts doubled for economic growth this year
Forecasts for economic growth this year have been revised significantly upwards by the Department of Finance today. When measured by GDP, the department said the economy is forecast to grow this year by 15.6%. This is a revision upwards from just over 8.8% in the Summer Economic Statement. When measured by Modified Domestic Demand, which […]
Water charges to rise for many businesses from today
More than half of businesses will see their cost of water increase from today, as a result of changes to the charging system. The balance of customers will see the amount they have to pay fall because of the alterations. Irish Water says the vast majority of customers will see either a decrease or an […]
Manufacturing growth slips to 6-month low – PMI
Growth in factory activity slipped to a six-month low in September but remained close to all-time highs with the sector showing signs of inflationary pressures, a survey showed today. The latest AIB IHS Markit manufacturing Purchasing Managers’ Index (PMI) slipped to 60.3 in September from 62.8 in August and down from May’s record reading of […]
Firms face redundancy bills as payment pause expires
An emergency measure that suspended the right of workers laid off by their employers during the Covid-19 pandemic to receive a redundancy payment will be removed after today. The development means tens of thousands of employee lay-offs could be crystallised, if employers are not in a position to take staff back or have not already. […]
Pandemic’s lasting impact will be positive for some – KBC consumer sentiment survey
Almost half of Irish consumers believe the pandemic will have a lasting impact on their circumstances, according to the latest KBC Bank Ireland consumer sentiment index. One third of those consumers expect their circumstances to improve. The survey conducted in September included a special question intended to assess the extent to which Irish consumers felt […]
Donohoe wants certainty and stability on corporation tax rates
Minister for Finance Paschal Donohoe has said that Ireland will enter the OECD’s global tax agreement if certainty and stability on corporation tax rates can be assured and if not “we will stay where we are”. Speaking on RTÉ’s Morning Ireland, Mr Donohoe said the coming week is a critical time in the negotiations as […]
No changes to Employment Wage Subsidy Scheme for October
Minister for Finance Paschal Donohoe said today that there will be no change to the Employment Wage Subsidy Scheme (EWSS) for October. Paschal Donohoe said this means the EWSS will continue to operate in its current form during October, so that the main eligibility requirement is a 30% decrease in turnover or customer orders in […]
Minister ‘convinced’ mica scheme can be improved
The Minister for Housing has said that he is “absolutely convinced” that the Mica redress scheme can be improved. Darragh O’Brien will meet with homeowners from Donegal and Mayo later today, who are seeking 100% redress for the damage to their homes caused by the presence of the mineral mica in concrete blocks. The Government […]
Living Wage group recommends 60c rise to €12.90 an hour
The Living Wage should rise by 60 cents to €12.90 an hour, the group which calculates it has recommended. The increase is being driven by hikes in rents, transport and energy costs, according to the Living Wage Technical Group (LWTG). A Living Wage is intended to be a benchmark hourly rate that should provide employees […]
20% of SMEs applied for bank credit – Credit Demand Survey
The results of the latest SME Credit Demand Survey shows that 20% of small and medium sized businesses applied for bank credit between October 2020 and March 2021. 72% of SMEs reported that sufficient internal funds was the reason for not seeking credit. The survey series is conducted by Behaviour and Attitudes, on behalf of […]
More than 100,000 properties to become liable for LPT in November
More than 100,000 new and previously exempt properties, most of which were built after May 2013, will be brought into the tax bracket and become liable for Local Property Tax (LPT) on 1 November. Revenue’s Local Property Tax branch manager said homeowners will have until this date to revalue their homes as part of the […]
Tánaiste and US trade representative discuss corporate tax, Good Friday Agreement
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar has met United States Trade Representative Katherine Tai in Washington. According to a statement released by Ambassador Tai’s office, she “highlighted the Biden-Harris Administration’s support for a strong global minimum tax and explained how this policy could achieve more equitable and inclusive economic growth”. During […]
Bank of Ireland’s CFO to step down, lender blames pay cap
Bank of Ireland has blamed state-imposed curbs on bankers’ pay and bonuses for the announcement that its chief financial officer Myles O’Grady would leave the bank for a role outside the financial sector. Mr O’Grady is expected to leave Bank of Ireland in March 2022 and a process to appoint his successor will now start. […]
Asking prices for homes rose 9% in third quarter, but rate eases
Asking prices for homes in the third quarter were up 9% across the country compared to the same period last year, according to two separate reports by property websites myhome.ie and daft.ie. It compares to a rate of 13% in the second quarter of the year, suggesting the rate of increase is moderating. “The latest […]
Consumer confidence steady, but business sentiment slips in September
Bank of Ireland said its latest Economic Pulse suggests that households and firms have taken the Government’s latest re-opening roadmap in their stride. The bank said that with much of the economy already back operating and the public health situation under control, the consumer and business mood was little changed on the month. Its headline […]
Tánaiste signals increase in minimum wage in coming year
Tánaiste Leo Varadkar has told the Dáil that there will be an increase in the minimum wage in the coming year. Mr Varadkar said there would be pay increases in most parts of the economy and that was why indexation of tax bands was required. He said these are not tax cuts and just ensured […]