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Competitiveness Council urges action to meet new economic challenges

The National Competitiveness and Productivity Council has published its annual Challenge Report, which outlines some of the key issues facing the economy. Chair of the Council Dr Frances Ruane said “failure to develop and implement appropriate policies now to address new developments, including decarbonisation and tipping points in digital technologies, could leave Ireland in a […]

Banks defend interest rate policies at committee

Representatives of the country’s main banks have defended their policies around the passing on of interest rate increases to customers when they appear before an Oireachtas committee later. In opening statements delivered at the Committee on Finance, Public Expenditure and Reform, and Taoiseach, Banking and Payments Federation Ireland (BPFI) claimed banks have taken a balanced […]

Corporation tax growth levelling off – McGrath

The Minister for Finance has said there appears to be a “levelling-off” of the growth in corporation tax compared to the extraordinary levels in recent years. Michael McGrath made his remarks in his opening address to the Joint Oireachtas Committee on Budgetary Oversight. His colleague, the Minister for Public Expenditure, National Development Plan and Reform, […]

Living wage should rise to €14.80 per hour – technical group

The reference hourly living wage rate should rise to €14.80 per hour, according to the Living Wage Technical Group (LWTG). This is an increase of 6.9%, or €0.95, compared to the previous reference rate of €13.85 per hour. The living wage is seen as the minimum rate required for a full-time worker to afford the […]

Rise in number of electricity, gas customers in arrears

There has been a notable increase in the number of domestic electricity customers falling into arrears since the end of the Government’s Emergency Electricity Credit in March, according to an updated report from the Commission for Regulation of Utilities (CRU). The numbers of domestic gas customers falling into arrears has also been rising. Disconnections for […]

Competition authorities given new powers to fine companies up to €10m

From today, the Competition and Consumer Protection Commission (CCPC) will be able to fine companies for breaching Irish and EU competition law. The new powers come as the Competition Act 2022 takes effect. The main purpose of the Act is to implement an EU directive which is designed to ensure that national competition authorities across […]

Semi-states and public bodies most attractive employers – survey

Irish semi-state and public bodies are the most attractive employers for professionals working in Ireland, according to new research from Universum, which is part of IrishJobs. The Most Attractive Employers Index Ireland 2023 reveals shifts in the most desired employers for professionals across Ireland, with well-established semi-states and public sector organisations becoming more popular, and […]

Irish stock market departures are symptom of wider EU malaise

Irish people have a rich history of looking to the US for a better life. That appears to be the thinking of Dublin-listed paper packaging company, Smurfit Kappa, which is joining a growing number of large Irish firms eyeing share trading in the US. But far from just being just a problem for tiny Ireland, […]

UN charter aims to promote gender equality in sustainable finance

A new United Nations charter aimed at promoting gender equality in the area of sustainable finance is being launched in Dublin this morning. The Financial Centres for Sustainability (FC4S) network has outlined ten objectives which involve the signatories bringing gender considerations into their decision-making, strategies, and operations over the next year. 21 financial networks across […]

‘”Enormous’ opportunity to double Irish exports to Canada within five years

A new report shows that Ireland’s goods exports to Canada reached a record high of €3.39 billion in 2022, while 2023 is set to be another record year, with exports in the first half of 2023 almost 90% ahead of the same time in 2022. The report, by economist Jim Power, was commissioned by the […]

Wholesale electricity prices up 10% in August, CSO data shows

Wholesale electricity prices rose in August but were still much lower year-on-year, according to the Central Statistics Office. Its latest Wholesale Price Index shows a more-than 10% increase in electricity prices compared to July. But prices were still more than 72% lower compared to August 2022. Another category to see a sharp fall in the […]

EU urges Ireland to speed up copper switch-off

The European Commission has urged Ireland to speed up the switching off of out-of-date copper wire networks for phone and broadband services. The switch-off of legacy copper networks is seen as a key step in the rollout of new broadband networks. The communications regulator ComReg published proposed rules around the switch-off earlier this year and […]

Consumer confidence drops to lowest level in six months

Consumer confidence dropped to a six month low in September, amid a rebound in oil prices, a further rise in interest rates and a gloomier economic outlook. The Credit Union Consumer Sentiment Index declined from 62.2 in August to 58.8 in September, marking the second monthly drop in a row. Modest improvements in confidence were […]

Govt must balance support and inflation in budget – McGrath

The Minister for Finance has said the Government faces a challenge in the upcoming budget in getting the balance right between providing an appropriate amount of support needed for society and the economy without pushing inflation higher. But addressing the Dublin Chamber annual dinner, Michael McGrath said he is confident it will get it right. […]

Housing commencements up 30.6% in August

New figures from the Department of Housing, Local Government and Heritage shows that the number of new commencement notices for August rose by 30.6% compared to the same time last year. The Department said commencement notices for 2,770 new homes were received by Building Control Authorities in August, up from 2.121 units in August of […]

Unlikely energy prices will return to 2020 levels over coming months – CRU

It is unlikely that households will see energy prices return to the previous low levels seen in 2020 and 2021 over the coming months, a new report from the energy regulator has found. But the research from the Commission for the Regulation of Utilities (CRU) does predict that gas and electricity customers should see some […]

March ‘probably too early’ to expect interest rates to fall – Makhlouf

The Governor of the Central Bank has said his view is that March is probably too early a time to expect interest rates in the eurozone to start falling again. Gabriel Makhlouf also said he would like to see a much faster pass through of European Central Bank interest rate changes to the real economy. […]

McGrath wants public bodies to keep taking cash payments

The Minister for Finance has written to Government colleagues asking that public bodies under their remit maintain their existing payment methods in relation to accepting cash pending the completion of the National Payments Strategy. Michael McGrath also said he expects that all public bodies that currently accept or facilitate the acceptance of cash will continue […]