EU Economy Commissioner confident Ireland will sign up to new tax deal
The EU’s Economy Commissioner has said he is confident there is “a chance to find a shared way” that would see Ireland sign up to a global tax agreement that would see the corporate tax rate increase to 15%. Paolo Gentiloni told Morning Ireland that he knows how challenging the issue is for Ireland. The […]
State will spend €41bn on pandemic supports, report finds
The State will end up spending €41 billion on pandemic supports, according to a paper from the Tax Strategy Group. The paper also says future changes to the Employment Wage Subsidy Scheme (EWSS) will require an employer to make a contribution to employee wages. The Tax Strategy Group (TSG) is made up of civil servants […]
Consultation launched to strengthen rights of employees
A new consultation has been launched on strengthening the rights of employees in Ireland. Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar is seeking views on an EU directive on employment law. One of the considerations is putting limits on the length of probation people have to serve when starting a new job. […]
Staff shortages affecting hospitality industry
Hospitality was one of the industries worst affected by the Covid crisis, or to put it in the words of Adrian Cummins of the Restaurant Association of Ireland, “It was economically flattened”. Hotels and restaurants have had to navigate lockdowns and restrictions and Covid safety guidelines, but as they reopen, they are facing another challenge […]
Property price growth hits 3 year high of 8.6% – CSO
Residential property prices rose on an annual basis by 8.6% – the fastest annual pace in three years – in July, according to the latest figures from the Central Statistics Office. The figures also show that the number of property transactions is now back to pre-pandemic levels. Today’s figures from the CSO show not only […]
11% of investors hold crypto-assets, including Bitcoin
Most investors are ‘going digital’, with new research revealing that 56% of those surveyed make investments online. The survey commissioned by the Competition & Consumer Protection Commission (CCPC) reveals that almost 80% said they invest for better long-term returns on their money. Meanwhile, almost half were motivated to invest due to current low interest rates. […]
Family businesses plan to hire more staff
Family run businesses employ nearly 1 million people in Ireland – and collectively are one of the biggest employers in the country. The National Family Business Sentiment Report 2021 shows that they want to employ more people. Eight out of 10 family businesses hope to hire new employees in the coming 12 months if there […]
Fund approval will see Credit Unions investing in social housing
The Central Bank has approved a new fund that will facilitate credit unions to get involved in the delivery of social and affordable housing around the country. The Credit Union Approved Housing Body Fund will oversee up to €800 million investment in social and affordable homes with an initial €200 million being deployed over the […]
Central Bank has not approved shared equity scheme despite Minister’s claim
Earlier this month, Housing Minister Darragh O’Brien told Prime Time that the Government’s proposed shared equity scheme, a core part of the recently published Housing For All plan, had been approved by the Central Bank. But the Central Bank has indicated that the scheme, which could see the State paying up to 30% of the […]
Govt debt could end up on ‘unsustainable path’ – IFAC
The Irish Fiscal Advisory Council has said the economy is recovering ‘swiftly’ but government spending plans for the upcoming Budget are “at the limit of what is prudent”. In its pre-Budget Statement, published today, the budgetary watchdog also warns there is a one-in-four risk that government debt could end up on an unsustainable path. The […]
Ireland to reach pre-pandemic employment levels by 2023, Donohoe says
The Minister for Finance has said that forecasts now indicate the country will get back to pre-pandemic levels of employment and broader economic performance by around 2023, but he is increasingly hopeful progress could be quicker. Paschal Donohoe also said the country has made enormous progress with its economic and public health since March of […]
College students struggling to pay living expenses, survey finds
Nearly half of all college students say they struggle to afford living expenses, according to a survey carried out by the Irish League of Credit Unions (ILCU) and youth website Spunout. The findings show that 88% worry about money, while over 40% stress about money all of the time. Finding and keeping a job, travel […]
Govt should abandon plans for tax cuts in upcoming Budget – ICTU
The Irish Congress of Trade Unions (ICTU) has said the Government should abandon its plans for tax cuts in the upcoming Budget and instead prioritise increases in public expenditure on housing, healthcare and childcare. In its pre-budget submission, ICTU says permanent tax cuts are unaffordable and unjustified. ICTU says the pandemic has shown that basic […]
Are consumer prices going to keep on rising?
No sooner had the first Covid-19 vaccine jabs been administered when talk turned to the risk of price inflation accompanying an impending recovery in economies globally from the pandemic. It all started in the US where incoming President Joe Biden was keen to hit the ground running with a series of stimulus programmes amounting to […]
Economy performing ahead of expectations – Varadkar
Tánaiste and Minister for Enterprise Leo Varadkar said today that the economy is “actually ahead of where we thought we would be”. Mr Varadkar said he still believes it is possible to get the public finances back on a sustainable footing without tax increases and cuts to spending. “I think I am even more convinced […]
Construction firms see further sharp rises in activity – Ulster Bank PMI
The construction sector reported another month of rapid growth in August, the latest Ulster Bank Construction Purchasing Managers Index shows, as it continued to benefit from improvements in demand after the reopening of the sector. Ulster Bank noted that the rate of expansion did ease for the third consecutive month in August, but from what […]
ECB trims emergency support, but insists ‘no tapering’
The European Central Bank has today raised its forecast for economic growth in 2021, as the euro zone recovery gathers pace following the easing of many pandemic curbs. The euro zone economy is now expected to grow by 5% this year, up from 4.6% in the last forecast, and by 4.6% in 2022, slightly down […]
Inflation rate rises to near ten-year high in August – CSO
The annual rate of inflation rose by 2.8% in August, its biggest increase in almost ten years. The latest figures from the Central Statistics Office show higher fuel costs was the primary driver of price increases. Prices have gradually increased over the past ten months, the longest stretch since 2007, according to the CSO. The […]