Mortgage approvals for first time buyers hits record in year to October
The number of mortgages approved last month increased by 2.7% compared to a month earlier. But versus the same month in 2022, volumes were down 20%, as switching activity fell off, new data from Banking and Payments Federation Ireland (BPFI) shows. A total of 4,273 mortgages were approved during the month, with first time buyers […]
Central Bank’s Makhlouf not ruling out another interest rate hike
The full effect of higher interest rates has yet to feed through the economy, according to the Central Bank’s Financial Stability Review published today. The Review has left mortgage lending rules unchanged. Speaking at a press conference, the Governor of the Central Bank said he was concerned inflation was higher in Ireland than in the […]
Labour market participation rate highest since 2008 – CSO
New figures from the Central Statistics Office today show that the estimated labour market participation rate in the third quarter of 2023 reached 65.8% – the highest rate recorded since the third quarter of 2008 and up from 64.8% the same time last year. Today’s CSO Labour Force Survey figures show that the employment rate […]
€1,000 reduction in third level college fees comes into effect
Minister for Further and Higher Education Simon Harris has announced further details on the cost of education measures first outlined in the Budget. A reduction of €1,000 in undergraduate fees has now been applied to all students’ accounts reducing the cost of college for 96,000 students by 33%. Students, or their families, who have paid […]
OPEC+ postpones policy meeting to November 30, oil falls
OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to November 30 from November 26 as producers struggled to agree on production levels and hence possible reductions, OPEC+ sources said, a surprise delay that sent oil prices sliding. Three OPEC+ sources said this was linked to African countries. OPEC+ said after its […]
€110 billion collected in taxes in 2022, up 17% on 2021 – CSO
The Exchequer collected €110 billion in 2022 in taxes and PRSI, according to figures from the Central Statistics Office published today. This is an increase of €16.3 billion or 17% on the total tax revenue figure in 2021. Included in this figure was what the CSO described as an “unprecedented” 48% increase in corporation tax […]
Government agrees increases in all classes of PRSI
The Government has signed off on a plan to increase PRSI over five years to replenish the Social Insurance Fund. Under the plan there will be incremental increases in all classes of PRSI. This decision will see hikes in PRSI rates for employers, employees and the self-employed. These increases will support the retention of the […]
Consumer caution warning as Black Friday approaches
It’s that time of year again when Black Friday advertising is inescapable. Offers galore are touted on social media feeds, in broadcasting and newspapers in the run up to 24 November. Buy, buy, buy, is the message, and do it quick in case the bargains do not last. Since Black Friday and Cyber Monday became […]
Euro zone to tighten fiscal policy in 2024 – Commission
Euro zone fiscal policy will be tighter on aggregate next year but several countries, including France and Italy, plan to spend too much, breaking EU recommendations, the European Commission said today after analysing draft euro zone 2024 budgets. “The aggregate fiscal stance for the euro area is projected to be contractionary in 2024 on the […]
EU October car sales up 14.6%, EV sales jump more than 36%
New car sales in the European Union rose 14.6% in October, boosted in part by a big jump in sales of fully electric cars, while hybrid electric vehicles accounted for nearly three of every 10 vehicles sold in the economic bloc. Sales of fully electric cars rose 36.3% from a year earlier and full hybrid […]
Business confidence in “experience economy” weakens
A quarter of businesses in the “experience economy” are less confident than they were six months ago, new research has found. A similar proportion of firms indicated they expect conditions to be poor over the next six months. The experience economy includes hospitality, retail, travel, food, drink, tourism, entertainment, the arts and events. The survey […]
EU Parliament to vote on new ‘right to repair’ consumer rules
New rules to make it easier for consumers to request repairs for goods will be voted on by the European Parliament. The legislation seeks to introduce a “right to repair”, in order to reduce unnecessary waste. It will require producers and sellers of goods to prioritise the repair of an item, during its guarantee period, […]
Consumers planning a more positive but prudent Christmas
Planning to cut back on Christmas spending is now a seasonal norm, according to analysis of the Credit Union Consumer Sentiment survey for November. It contained a special question on consumers spending plans for Christmas, and compared it with spending intentions in the previous three years. Over half of consumers expect to have less to […]
‘Buy now, pay later’ in focus as festive season nears
It’s the time of year when the purse strings are being loosened in the run into the festive season. Most of us are at the stage where we’re at least starting to plan for the months ahead and, more importantly, how we’re going to finance and manage the annual Christmas spend. Following at least two […]
Record online spend forecast for Black Friday
One week out, AIB is forecasting that online Black Friday spend in Ireland this year will surpass last year’s record-breaking total. In 2022, customers of the bank spent €66,000 every minute or €95m in total, the highest online spend ever recorded by the lender over a 24-hour period. A total of 900,000 card transactions by […]
Paid sick leave to increase to 5 days from January
The Government has announced that the entitlement to paid sick leave will increase from three to five days on 1 January 2024. It is the second stage of a four-year plan which will see employer-paid sick leave gradually rise to ten days in 2026. The move is designed to ensure that all employees get a […]
More expensive services, food drive euro zone inflation in October
More expensive services and food were the main drivers of consumer price growth in the euro zone in October, data showed today, as the EU’s statistics office confirmed year-on-year inflation slowed sharply. Eurostat said consumer inflation in the 20 countries using the euro decelerated to 2.9% year-on-year in October from 4.3% in September after prices […]
Oil prices head for fourth week of declines in a row as supply grows
Oil prices were little changed today but on track for their fourth week of losses in a row after tumbling about 5% to a four month-low yesterday on worries over global demand. Brent futures edged up seven cents, or 0.1%, to $77.49 a barrel in early trade. US West Texas Intermediate crude (WTI) was at […]