Govt examining new round of cost-of-living supports Draft
The Coalition leaders and senior ministers will consider a new round of cost-of-living financial supports later today, ahead of a decisive Cabinet meeting on Tuesday. Taoiseach Leo Varadkar said last night that expectations need to be tempered against the financial limits set by last September’s Budget. Mr Varadkar re-iterated that this new package would be […]
House price growth slows to 7.8%, down from 8.5% – CSO
The rate of increase in residential property prices nationally continued to slow during the final month of last year, according to the latest data from the Central Statistics Office. In the year to the end of December, prices across the country rose by 7.8%, down from 8.5% in the twelve months to the end of […]
Decision on VAT rate for hospitality expected next week
Taoiseach Leo Varadkar said there will be further meetings this week in relation to the hospitality VAT rate, involving the key ministers of finance, public expenditure, social protection and the party leaders. The 9% VAT rate for the industry is due to expire at the end of the month, when it will revert to 13.5%. […]
For richer, for poorer: The wedding business is booming
After a pandemic imposed shutdown, the wedding sector is booming once again. But that surge in demand, coupled with inflation means those looking to say ‘I do’ can expect to pay higher prices for their big day. Those working in the industry say the price of hosting a wedding is up around 20% compared to […]
‘Golden visa’ programme to be scrapped
Applications will no longer be accepted under the Immigrant Investor Programme (IIP) from the close of business on Wednesday, the Minister for Justice has confirmed. Simon Harris said the scheme had been under review for “quite a period of time” and that “strong advice” was presented to him recently that led him to make this […]
European Commission raises Irish, euro zone growth forecasts
The European Commission has revised upwards its forecasts for economic growth this year in Ireland. In its Winter 2023 Economic Forecast, released today, the Commission predicts the economy here will grow in GDP terms by 4.9%, compared to its Autumn forecast of 3.2%. Growth next year has been revised upwards to 4.1% compared to an […]
€18m support scheme for haulage businesses proposed
Minister of State Jack Chambers is set to bring proposals for the Licensed Haulage Support Scheme to Cabinet that will provide €18 million to assist licensed haulage businesses with cost pressures. According to research conducted by the Department of Transport, for the last six months of 2022, fuel prices for operators continued to be just […]
Further health insurance price hikes this year ‘cannot be ruled out’ – expert
Further increases in health insurance premiums cannot be ruled out later this year, according to one health insurance expert. Laya Healthcare followed rivals Irish Life Health and VHI in announcing a hike in the cost of some of its premiums late last week. It means all of the providers in the market have recently increased […]
Consumer spending in January up 17.8% – Revolut
Consumer spending last month rose by 17.8% compared to the same month a year ago, according to the latest data released by online bank Revolut. However, the growth in spending by the company’s two million customers here is likely to have been heavily influenced by rising inflation, as the cost of living last month was […]
Call for extension and streamlining of ‘extremely complex’ TBESS application process
IMSE, the group representing small and medium sized firms, has called for the continuation of the Temporary Business Energy Support Scheme beyond the end of February and for the streamlining of the application process which it says is ‘extremely complex’ to apply for. The scheme – known as TBESS – covers 40% of the additional […]
Commercial semi states paid out dividends of €199.4m
Commercial semi-state companies last year paid out aggregate dividends of €199.4 million to the exchequer. The €199 million paid out in 2022 is a 31.4% increase on the €151.7 million dividends paid out by the semi-state companies to the exchequer for 2021. However, in a written Dáil reply to co-leader of the Social Democrats, Catherine […]
Electricity customers to get payment of €89.10 – CRU
will receive a payment of €89.10 as the charge to fund renewables is not needed due to the high wholesale price of electricity. The payment will be made in monthly installments of €12.73 from March to September. Customers will receive the payment as a credit on their bills. Pre-paid customers will have their daily standing […]
EU prepares response to new US green subsidy plan
Confronted by competition from the US’s vast green tech investment plan, European leaders have opened the way towards a relaxation of their own restrictions on state aid. Meeting at their summit in Brussels, the 27 leaders agreed that a response was necessary to counter rising energy bills and the threat of unfair US competition. But […]
McGrath rules out introducing mortgage interest relief
The Minister for Finance has ruled out introducing mortgage interest relief for owner-occupiers, warning that such a move could cost €655m a year. Speaking in the Dáil, Michael McGrath acknowledged that many mortgage holders were under significant pressure, as some lenders are charging up to 7% interest on home loan repayments. Sinn Féin urged the […]
€1.6 billion of personal loans drawn down in 2022, up 18.8%
€1.6 billion worth of personal loans were drawn down last year, up almost 19% on 2021, new figures show today. The figures from Banking and Payments Federation Ireland show that €394m worth of personal loans were drawn down in the fourth quarter of last year, up 14.4% when compared to the same three month period […]
Borrowers struggling financially urged to contact their financial institution
Deputy Governor of the Central Bank, Monetary and Financial Stability, Vasileios Madouros has said borrowers who find themselves in financial difficulty or who expect they may experience financial difficulty should contact their financial institution. In an interview with RTÉ News, the Deputy Governor said while the Bank expects ‘there will be increased financial distress’ it […]
Wednesday the most popular day for office workers
Wednesday is the most popular day of the week for employees to work from the office, according to a survey by Dublin Chamber in association with Savills Ireland. Employers record an average occupancy rate of 61% to 70% on Wednesdays, with Tuesdays (51% to 60%) and Thursdays (51% to 60%) also proving popular. Unsurprisingly, Mondays […]
Grocery price inflation soars to new record of 16.3%
New figures from Kantar show that grocery price inflation hit 16.3% in the 12 weeks to 23 January – the highest level seen since the consultants started tracking grocery inflation. Irish households are now facing an extra €1,159 on their annual shopping bills if they do not change their behaviour to cut costs, Kantar warned. […]