Central Bank chief warns Finance Minister of VAT ‘vulnerability’
Central Bank Governor Gabriel Makhlouf has warned Minister for Finance Paschal Donohoe about the vulnerability of VAT as a source of revenue, as the Government plans to cut the rate of the tax for the hospitality and retails sectors. The Coalition promised to change the tax for those sectors in the Programme for Government following […]
World economy faces ‘pivotal moment’, central bank body BIS says
Trade tensions and fractious geopolitics risk exposing deep fault lines in the global financial system, central bank umbrella body the Bank for International Settlements, said in its latest assessment of the state of the world economy. Outgoing head of the BIS, often dubbed the central bankers’ central bank, Agustín Carstens, said the US-driven trade war […]
UK economy grew at fastest pace in a year in Q1 – ONS
Britain’s economy expanded at its fastest pace in a year in the first three months of 2025 as homebuyers rushed to beat a deadline on property purchases and manufacturers sped up output ahead of US President Donald Trump’s higher import tariffs. UK gross domestic product grew by 0.7% in the first three months of 2025, […]
Deal that reduced US tariffs on UK cars and aircraft parts comes into effect
The trade deal signed between US President Donald Trump and British Prime Minister Keir Starmer lowering some tariffs on imports from Britain has come into effect, the British government said today. British car manufacturers will now be able to export to the US under a reduced 10% tariff quota from an earlier 27.5%, while the […]
Petrol and diesel prices rise in June, AA analysis shows
Fuel costs are continuing to rise, with both petrol and diesel recording increases in June. The latest analysis from the AA shows that petrol now costs an average of €1.77 per litre, up 1 cent since May. Diesel has risen to an average of €1.69 per litre, up 1 cent month-on-month. “While the changes are […]
Why Irish family businesses are a trump card in chaotic economic times
Analysis: A focus on Irish family businesses makes sense at a time when world economies are an election, tax change or trade dispute away from disruption What if Donald Trump lures the multinationals out of Ireland? With ongoing threats of tariffs on EU imports and a broader agenda focused on reshoring American industry, the risk […]
July deadline for higher tariffs may be extended – White House
US President Donald Trump could extend a July deadline for higher tariffs on imports, the White House has said. Mr Trump had set 9 July as the deadline after which punitive tariffs on a range of EU goods will take effect, with the EU promising some €95 billion in retaliatory countermeasures. Asked if there were […]
ESRI downgrades house building and domestic growth forecasts
The Economic and Social Research Institute has downgraded its forecast for house building and growth in the domestic economy for this year. It is the second organisation to reduce its projections after the Central Bank reached a similar conclusion last week. The ESRI said it expected 33,000 homes to be built this year, which is […]
Widespread concerns among bank staff over AI – survey
There is widespread concern among staff in the financial services sector over the possible effects of artificial intelligence (AI), according to a new survey. The research was conducted by the Financial Services Union (FSU) and the think tank TASC. It shows that job displacement, lack of reskilling opportunities and bias in decision-making are among the […]
VAT rate for small businesses to be permanently cut in Budget, Harris tells meeting
Tánaiste Simon Harris has told the Fine Gael parliamentary party meeting that the VAT rate for small businesses will be cut permanently in the Budget. The party has previously signalled that VAT cuts were on the way for food and entertainment businesses as well as hairdressers. A spokesperson said that the detail of any cuts […]
Less people saving, more worried about global recession
Less people are saving, and more are worried about the risk of a global recession, according to new research by Bank of Ireland. The Savings and Investment Index shows that the risk of a global recession is the biggest concern for Irish households, ahead of the cost of housing, rent and inflation. “The increase in […]
Oil prices rise as investors assess Iran-Israel ceasefire
Oil prices climbed today as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted. Brent crude futures rose 85 cents, or 1.3%, to $67.99 a barrel at 0341 GMT, while US West Texas Intermediate (WTI) crude gained […]
One third of companies see gender pay gap reducing – CIPD
One third of reporting organisations see the gender pay gap reducing, according to research by the Chartered Institute of Personnel and Development (CIPD). The third and final cohort of organisations prepares for its first deadline later this year. The Gender Pay Gap Information Act 2021 requires organisations to report on their hourly gender pay gap […]
How did Ireland become Europe’s second most expensive country?
Analysis: We’re near the top of this league table due to economic growth, rising demand, government policies and unique socio-geographic characteristics Ireland is the second most expensive country in Europe, a fact that probably doesn’t surprise many people living here. Only Denmark had a higher consumer price level, with the cost of Irish goods and […]
ECB could still cut rates despite oil market volatility, policymaker Villeroy tells FT
The European Central Bank can further cut interest rates at a time of huge volatility in energy markets, policymaker Francois Villeroy de Galhau told the Financial Times in an interview published today. “If we look at the present assessment of markets so far, inflation expectations remain moderate,” he said, adding that a confirmation of ceasefire […]
Brexit the ‘stupidest thing any country has ever done’ – Michael Bloomberg
Billionaire Michael Bloomberg has told an audience in Dublin that Brexit was the single stupidest thing any country has ever done, adding that “it’s hard to believe how they did it.” Mr Bloomberg was addressing a conference entitled ‘The Bloomberg Advantage: Future of Finance in Ireland’ which was held in Bloomberg’s Dublin offices. “Ireland has […]
House asking prices rose by average of 12% in last year
Asking prices for houses have risen by an average of 12.3% to €357,851 in the past year, according to the latest Daft.ie House Price Report. The report notes that this rate of house-price inflation is the highest since the Central Bank’s mortgage-lending rules were introduced in 2015. The rules, which are still in effect, limit […]
Will Iran-Israel conflict mean a rise in Irish petrol prices?
Analysis: Two key factors will determine if oil prices – and the price you pay for petrol and diesel – increase a little or rise a lot this week The price we pay for petrol and diesel in Ireland is significantly influenced by events occurring thousands of kilometres from our shores. This week, it is […]