ESRI urges extra borrowing and a doubling of investment in housing
Ireland should borrow more to invest in housing and could borrow an additional €4bn to €7bn a year, according to a new analysis by the Economic and Social Research Institute. It comes as the Covid-19 pandemic has forced the suspension of Europe’s fiscal rules on government borrowing and sparked a debate over how much countries […]
Local Property Tax to apply to homes built since 2013
The Cabinet has agreed that owners of new homes built since 2013 will now have to pay Local Property Tax. It follows a decision taken at a meeting to finalise the new €3.5 billion Economic Recovery Plan. Taoiseach Micheál Martin, alongside Tánaiste Leo Varadkar and Green Party leader Eamon Ryan announced the Government’s plan, which […]
Under-25s six times more likely to be in temporary work than older age groups
People aged under 25 are almost six times more likely to be in temporary work than their older counterparts, according to a new study on decent work by the ESRI and the Irish Human Rights and Equality Commission. The research entitled “Monitoring Decent Work in Ireland” finds that young people, along with Travellers, people with […]
Hopes for tourism boost as hospitality sector reopens
Hotels, B&Bs, self-catering accommodation and hostels can reopen from today, as the gradual lifting of Covid-19 restrictions on the tourism and hospitality sector begins. However, services including leisure facilities, as well as indoor restaurants and bars, are restricted to residents only. Around 65,000 people were employed by hotels pre-pandemic, with 270,000 employed in the wider […]
Govt set to reduce PUP by €50 from September
The Government looks set to begin reducing the Pandemic Unemployment Payment by €50 a week from September. It’s understood that Cabinet will consider reducing the PUP by €50 from the middle of September, with a further €50 cut set for mid November before the final €50 reduction in February next year. The Government will also […]
Mortgage approvals continue to grow, driven by first-time buyers
New figures show that the number of mortgages approved were up 0.9% in April on a monthly basis, while they rose by over 98% compared with the same time last year. Banking & Payments Federation Ireland said a total of 4,362 mortgages were approved in April. First-time buyers (FTBs) were approved for 54.8% of the […]
Govt to layout roadmap to economic recovery with plan announcement
The Government will unveil its Economic Recovery Plan later today, which is expected to lay out a roadmap for the economy as it emerges from the impact of Covid-19. There will be many different aspects to today’s Recovery Plan. Much attention will be focused on the detail of the planned withdrawal of the Pandemic Unemployment […]
National Economic Plan to map out recovery plans
It is widely expected that the Cabinet will approve and publish the Government’s National Economic Plan next week. This will outline policies to promote the recovery of the economy and chart its future path. It is part of the Programme for Government and was originally expected in October. There was still a lot of uncertainty […]
Crypto assets a great concern, says Central Bank’s Rowland
The rising popularity of cryptocurrencies such as bitcoin is “of great concern” according to the Central Bank’s Derville Rowland. “Crypto assets are quite a speculative, unregulated investment,” and people should be “really aware they could lose the whole of that investment,” the Central Bank’s Director General for Financial Conduct said in an interview with Bloomberg. […]
Momentum in economy building, Bank of Ireland’s Economic Pulse shows
Bank of Ireland’s Economic Pulse came in at 89.5 in May – back above its pre-pandemic level – which bodes well for a pick-up in spending as public health restrictions are lifted. Bank of Ireland said it had revised upwards its GDP growth forecast for 2021 to 5.8% from 5% in February. The Economic Pulse […]
Deadline for annual returns extended to 11 June
The Registrar of Companies has extended the deadline for the filing of annual returns to 11 June. The Registrar said it has taken the decision to further extend the deadline, “in light of difficulties experienced by presenters in filing annual returns in the run up to the filing deadline.” The CRO said it is continuing […]
ISME dissatisfied with non-vaccinated workers’ guidance
Small firms’ body ISME has accused the Government of exposing employers to potential legal action by failing to give them “robust” guidance on handling situations where employees choose not to be vaccinated. In a letter to Tánaiste and Minister for Enterprise Trade and Employment Leo Varadkar, ISME Chief Executive Neil McDonnell acknowledges the “absolute” right […]
Work-life balance top well-being concern for employers
A new survey has revealed that work-life balance is the number one well-being issue Irish employers are concerned about followed closely by mental health and burnout. The 2021 Global Well-being Survey was carried out on behalf of Aon by global market research company IPSOS. It found that 70% of employers in Ireland identified work-life balance […]
Govt to look at phasing out pandemic supports from October – Varadkar
The Government will begin to look at phasing out financial pandemic supports in the final three months of the year, the Tánaiste has told colleagues. Speaking at a meeting of the Fine Gael parliamentary party meeting tonight, Leo Varadkar indicated supports would remain in place throughout July, August and September. These months will be used […]
54% of consumers plan summer holiday this year – KBC Bank Ireland
Irish consumers do not plan to go wild on their holiday spending in 2021, a new survey from KBC Bank Ireland suggests. One in four plan to spend the same as in 2020 and while slightly more plan to spend more than to cut back (19% compared to 12%), the average outlay overall is likely […]
European Union to finalise huge farm policy overhaul
European Union agriculture ministers said negotiators are close to a deal that aims to reform the bloc’s huge farming subsidy programme, protect small farms and bring agriculture in line with environmental goals. The EU’s Common Agricultural Policy (CAP) will spend €387 billion – around a third of the EU’s 2021-2027 budget – on payments to […]
Number of people receiving PUP falls more than 29,000
The numbers of people in receipt of the Pandemic Unemployment (PUP) this week has fallen by a further 29,174 to 333,993. In total €102m will be paid out to recipients of the PUP. This is on top of the further 177,969 who were on the Live Register at the end of April, the Department of […]
Survey suggests measures needed for affordable housing
A new survey has found that four out of every five adults think the Government should introduce new measures to improve the supply of affordable housing here. The research, carried out by Behaviour and Attitudes on behalf of employers’ group Ibec, also found that a third of respondents would like to be able to buy […]