Record number of daily contactless payments in June
2.4 million contactless payments were made every day in June of this year, the highest daily figure on record. New data from the Banking and Payments Federation Ireland shows that 73 million contactless payments were made in June, to the value of more than €1.2 billion. This means that June saw the largest daily figure […]
Record amount of corporation tax collected last year
The high proportion of tax revenue coming from corporation tax represents “a significant risk to the public finances,” according to a report published by the Department of Finance today. Last year, corporation tax accounted for 20% of tax revenues compared to an average 12% a decade ago. €11.8 billion was collected in corporation tax last […]
Home care sector facing ‘urgent’ recruitment shortage
A group representing the home care sector has said it is facing a recruitment crisis and has called on the Government to allow for the hiring of workers from non-EU countries as a matter of urgency. Home and Community Care Ireland said its members are close to reaching full capacity and cannot recruit enough staff […]
Weekly PUP numbers down again ahead of phased payment reduction next month
The number of people in receipt of the Pandemic Unemployment Payment this week stood at 157,712 – a drop of around 5,700 on last week. The Department of Social Protection said the weekly payment amounted to €46.7 million. It was the lowest number receiving the payment since the pandemic began with the greatest reduction observed […]
Over €30bn spent on social welfare payments last year
€30.6 billion was spent on social welfare payments last year, an increase of 46% compared to 2019 – according to new figures from the Department of Social Protection. A new report published today sets out data relating to the expenditure, recipients and beneficiaries of the schemes administered by the department, including the schemes introduced as […]
Covid adjusted jobless rate falls to pandemic-low of 13.5%
The monthly unemployment rate in July was 6.5%, according to the latest figures from the Central Statistics Office. When those on the Pandemic Unemployment Payment are included, the Covid-adjusted unemployment rate was 13.5%. This compares to a Covid-adjusted rate of 16.2% and a traditional unemployment rate of 6.7% in June. 28.6% of those unemployed under […]
Scarce housing supply highlighted as average rents rise
Average rents for residential properties rose by 5.6% nationally between April and June, according to the latest quarterly rental report from the website Daft.ie. The report shows rents rising faster outside Dublin and a record low number of properties available for rent. The Daft.ie rental report for the second quarter of this year shows the […]
Three quarters of all businesses now operational – InterTradeIreland
Most companies on both sides of the border are firmly in recovery mode as Covid-19 restrictions ease, according to InterTradeIreland’s latest quarterly business monitor. Three quarters of all businesses are now operational, indicating a return to economic momentum, while over half of SMEs in the tourism and leisure sectors have re-opened their doors. Growth is […]
Most employees have not declared tax on employer shares
74% of employees who hold shares through their employer have not declared the tax they owe, according to a new survey by Taxback.com. The survey asked over 1,500 people from the Taxback.com database whether or not they have received shares in the past or present from their employer – of those who had, just 26% […]
Construction activity increased again in July, inflation hits record high
There was a substantial increase in construction activity once again in July, according to the latest Construction Purchasing Manager’s Index (PMI) from Ulster Bank. While the index which tracks changes in total construction activity dropped from 65 in June to 62.8 in July, it still suggests a substantial increase in activity last month. Index readings […]
Inflationary pressures impact food and drink sector
Irish food and drink businesses are experiencing inflationary pressures across most cost headings, according to Food Drink Ireland (FDI) the Ibec group representing the food and drink sector. FDI surveyed member companies in July to assess the extent and impact of input cost increases. It found that these increases were due to a combination of […]
Updates to hospitality guidelines on outdoor events being discussed
The Cabinet sub-committee on Covid-19 will meet today when it is expected to discuss updates to hospitality industry guidelines on outdoor events. It follows questions raised over an event hosted by former minister Katherine Zappone in a Dublin hotel last month and subsequent advice from the Attorney General. Fáilte Ireland is the State agency charged […]
Post-pandemic path to global economic health in sight
Financial and health imperative will be to invest in vaccinating the entire world The northern hemisphere is sweating through a second long summer of Covid-19. As the Delta variant gains ground in the US, Europe and even China, the contours of the global economic challenge are now clear. Libertarians and statists should lay down their […]
AIB extending negative rates to all deposits over €1m from October
The chief executive of AIB has confirmed that the bank will be extending negative interest rates to all customers with deposits in excess of €1 million from later this year. At the moment, AIB levies negative interest rates on personal customer deposits in excess of €3 million and on business customers with deposits greater than […]
Nightlife sector criticises ‘inadequate’ Covid response by Govt
A group representing workers in the nightlife sector has criticised the Government’s response to its reopening, warning that a continued shutdown will result in an upsurge of unregulated events. In a letter to the Taoiseach, Tánaiste and Minister for Arts, the ‘Give Us the Night’ campaign said its industry is the only remaining one without […]
Irish services sector expands at fastest rate in more than 20 years
Inflationary pressures evident in latest purchasing managers’ index data from AIB Irish service sector companies reported the strongest month-on-month growth in business activity in July since August 2000 as lockdown restrictions eased further and the Health Service Executive’s vaccination programme accelerated. The latest purchasing managers’ index (PMI) survey data, published by AIB, shows new services […]
Number on PUP at lowest level since pandemic began
The number of people in receipt of the Pandemic Unemployment Payment is just under 163,400 this week – the lowest level since the pandemic began. The number receiving the payment dropped almost 29,000 on last week, as people returning to work closed their claim. This week, the Department of Social Protection issued weekly payments valued […]
Minister starts process of selling State stake in Bank of Ireland
The Minister for Finance has started the process of selling the State’s shareholding in Bank of Ireland. According to a filing at the London Stock Exchange, the Government’s stake in the bank has fallen from 13.95% to just below 13%. Paschal Donohoe announced in June that he intended to start the process of selling the […]