Tánaiste ‘does not envisage’ mini-budget next year
Tánaiste Leo Varadkar has said he does not envisage a mini-budget being implemented next year. Speaking on RTÉ’s Morning Ireland, Mr Varadkar said Budget 2023 is being front-loaded with most of the one-off payments before Christmas, while permanent increases in payments, pensions and welfare will come into effect in the New Year. Two of the […]
Budget’s political test will be when big winter bills arrive
It was, according to the Minister for Public Expenditure, Michael McGrath, a “budget for its times”. The biggest ever giveaway, in pure monetary terms, was necessitated by the emergency period we are living through. Just when things might have been expected to return to normal after a once in a lifetime pandemic, a new crisis […]
€11bn Budget announced due to ‘exceptionally challenging times’
Minister for Public Expenditure Michael McGrath said he is making €100 million available in 2022 to ensure schools are supported in dealing with energy cost pressures and transport providers. He said an additional €10 million will also be provided for further and higher education institutions. €60 million is being allocated to Local Authorities, and €110 […]
Budget: Spending, tax measures worth nearly €11bn expected
The formal announcement of Budget 2023 will be made in the Dáil this afternoon. Minister for Finance Paschal Donohoe is due to begin his speech in the chamber at 1pm followed 45 minutes later by Minister for Public Expenditure and Reform Michael McGrath. The total size of additional spending and tax measures in today’s Budget […]
Falling pound pauses as investors await policy response
Sterling steadied this morning but was perched above its record low only thanks to soaring yields on British debt and the hope of a response from policymakers or politicians. The pound’s movements were unnerving markets to the benefit of the dollar. On Friday and again yesterday the pound plunged, finding a record low of $1.0327 […]
Two new schemes set to help businesses with energy costs
The Government looks set to unveil two new schemes worth over a billion euro to assist businesses with rising energy costs in tomorrow’s budget. It is understood that the first will be a €200m scheme which will be administered by Enterprise Ireland. It will target larger energy intensive firms that are involved in exporting and […]
High stakes Budget to tackle inflation being finalised
Budget discussions continued into the early hours of this morning as the coalition leaders and the Ministers for Finance and Public Expenditure met to finalise measures ahead of tomorrow’s announcement. The party leaders and Ministers for Finance and Public Expenditure, Paschal Donohoe and Michael McGrath, will meet again this morning. This year’s Budget is set […]
Economic sentiment down in September amid energy woes
A new survey shows that with households facing the prospect of even higher gas and electricity bills over the coming months, consumer confidence sank to an all-time low in September. Bank of Ireland said its Economic Pulse came in at 70.6 in September. The index, which combines the results of the Consumer and Business Pulses, […]
Sterling collapses as investors move into dollars
Sterling tumbled to a record low this morning as traders scampered for the exits on speculation the new government’s economic plan will stretch Britain’s finances to the limit. The British pound’s searing drop helped the safe-haven US dollar to a new two-decade peak against a basket of major peers. Sterling slumped as much as 4.9% […]
Govt to help businesses with energy bills in Budget – Tánaiste
The Government is to introduce broad-based measures in next week’s Budget to help tens if not hundreds of thousands of businesses with their energy bills, the Tánaiste has said. Speaking at Ibec’s President’s dinner in Dublin tonight, Leo Varadkar said there would be a particular focus on helping those in retail, hospitality, manufacturing and other […]
Govt approves draft bill on family-friendly working
The Government has approved a draft bill aimed at improving family-friendly work practices and supporting women in the workforce. It is part of the Government’s plan to bring the EU’s work-life balance directive into Irish law. When the bill reaches committee stage in the Oireachtas, Minister for Children Roderic O’Gorman will introduce legislative provisions to […]
Oil prices edge down, recession fears back in focus
Oil prices fell today amid recession fears and a stronger US dollar, though losses were capped by supply concerns after Moscow’s new mobilisation campaign in its war with Ukraine and an apparent deadlock in talks on reviving the Iran nuclear deal. Brent crude futures fell 41 cents, or 0.5%, to $90.05 per barrel at 0325 […]
Consumer sentiment sinks to 14-year low on higher energy costs
Consumer sentiment tumbled to levels last seen during the global finance crisis 14 years ago as concerns about the impact of sharply higher energy bills hammered the outlook for household finances, a survey showed today. Confidence has fallen in seven of the last eight months in line with inflation climbing to a near 40-year high. […]
Rising inflation threatens medicine shortages – MFI
The organisation that represents the suppliers of the majority of medicines in Ireland has warned of an increasing risk of shortages due to the impact of inflation. Medicines for Ireland (MFI) said that there are currently 186 medicines listed as being in short supply by the Health Products Regulatory Authority. MFI said that without an […]
Farmers will be included in measures focused on energy bills – Tánaiste
The Tánaiste has said that farmers will be included in any scheme to reduce energy bills. Speaking at the National Ploughing Championships in Ratheniska in Co Laois, Leo Varadkar said there will be Government help with energy bills that will apply in a number of weeks. However he warned that there is only so much […]
86% of Irish believe energy crisis is harming EU economy, poll suggests
More than three quarters of Irish people believe the energy crisis is harming the EU economy while nearly 60% of people say member states should be allowed to delay meeting their EU climate change targets in order to tackle the energy crisis. The findings are part of today’s Red C/European Movement Ireland opinion poll, which […]
Oil prices tick up on supply woes but Fed rate hike bets cap gains
Oil prices ticked up today on supply concerns, but expectations of another aggressive US interest rate hike capped gains amid investor concerns it could lead to a recession and hurt fuel demand. Brent crude futures rose 11 cents, or 0.1%, to $90.73 a barrel in early trade after falling $1.38 the previous day. US West […]
Pension age stays at 66, carers included in new reforms
The State pension age will remain at 66 and people will be offered the choice to work until 70 in return for higher payments, Minister for Social Protection Heather Humphreys has confirmed. Long-term carers will also be provided with a pension for the first time. The Government has also committed to explore a new scheme […]