Too early to reconsider 2m rule in workplaces – McGrath
Minister for Public Expenditure and Reform Michael McGrath has said the Government would like to see people return to the workplace as soon as possible, but for now it is about holding on to the gains already made. Speaking on his way into Cabinet this morning, he said it is too early to say if […]
Household energy bills are rising – get ready to switch
This time last year, energy prices were just starting to recover from the record lows reached in the weeks before. Worldwide lockdowns at the onset of the pandemic saw international trade practically grinding to a halt. Economists and analysts were predicting the most severe downturn since the Great Depression in the 1930s. Oil prices in […]
‘Great to be back’ as outdoor hospitality returns
Publicans have said it is “great to be back” as bars, cafés and restaurants reopened for outdoor service. Bars, restaurants and cafés resumed outdoor service as part of the latest lifting of Covid-19 restrictions. Gyms, swimming pools and leisure centres also reopened for the first time this year as part of the easing of other […]
Is Ireland about to lose over €2 billion a year in tax revenue?
Minister for Finance Paschal Donohoe at the G7 meeting in London Over the weekend, finance members from the G7 nations backed a move which will could see the introduction of a global minimum corporate tax rate of 15%. The US-backed plan targets tech giants and other multinationals accused of not paying enough tax. However, Minister […]
Euro zone business growth soared in May as restrictions eased – PMI
Euro zone business activity surged in May as the easing of some coronavirus related restrictions injected life into the bloc’s dominant services industry, a survey showed, echoing data today which showed factories had their best month on record. An acceleration of vaccine programmes across the region and a fall in reported daily cases has allowed […]
Confidence among small business owners improving – SFA
Confidence among small business owners has notably improved, according to a new report from the Small Firms Association (SFA). The latest Small Business Sentiment survey shows that over half of SFA members feel that the business environment is improving, compared with just 35% last summer. “Despite the challenges faced by our small business community in […]
G7 to discuss Covid economic challenges and climate
The first in-person meeting of the G7 countries since the start of the pandemic takes place in London today. Minister for Finance Paschal Donohoe will attend the two-day meeting in his capacity as President of the Eurogroup – the collective term for informal meetings of the finance ministers of the eurozone. He said ministers are […]
Growth in services accelerates as restrictions are eased
Activity in the services sector expanded at the fastest pace in over five years in May, according to AIB. Its latest Purchasing Managers’ Index, a month-on-month check-up on conditions in the sector, pointed to a marked pick up in growth as pent-up demand was released with the loosening of pandemic restrictions. The services sector accounts […]
ECB to keep policy loose this year despite high inflation risks
The European Central Bank will not change the total size of its asset purchase programme at its June 10 meeting but will start tapering its pandemic purchases later this year, according to a Reuters poll which also showed inflation risks to the upside. With an economic recovery underway and price pressures rising, calls for winding […]
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. […]