Gas demand 9% lower in June compared to last year
Warmer weather and the ending of the academic year in education institutions led to demand for gas dropping by 10% in June compared to May. Overall, gas demand was 9% lower in June of this year compared to last, Gas Networks Ireland said. The residential sector drew -53% less gas in June compared to a […]
Corporate insolvencies rise 30% in first half of year
329 corporate insolvencies were recorded in Ireland in the first half of the year, new figures from Deloitte show. This is up 30% on the same time last year, when 253 insolvencies were recorded. 186 corporate insolvencies were recorded in the second quarter of the year, up 30% on the previous quarter. These figures represent […]
20% never carry cash, younger people leading the way
Younger people are leading the way when it comes to cashless living, with half of 18-24 year olds saying they never carry money. New figures from Royal London Ireland, a life insurance and pensions company, show that in total, 20% of people in Ireland never carry cash. Those over the age of 55 were less […]
Government extends Abhaile scheme for four more years
The Abhaile scheme, which supports families who are in serious or long-term mortgage arrears and are at risk of losing their homes, has been extended by the Government for a further four years. Funded and managed jointly by the Department of Social Protection and the Department of Justice, the scheme was set up in 2016 […]
Mortgage activity slows but lending to FTB remains robust
The volume of new mortgages drawn down by first-time buyers in the second three months of the year fell for the first time since the pandemic in 2020. However, first-time buyers remained the single biggest segment of the market by both volume and value, accounting for 63%. According to new data from the Banking and […]
Refundable tax credits could cost €1bn Tax Strategy Group report claims
The Tax Strategy Group paper on income tax has examined the issue of refundable tax credits. This is when those on low incomes do not earn enough to use up all of their available tax credits. A change would allow these taxpayers to receive the value of the unused credits. The Tax Strategy Group is […]
41% of charities failed to file annual finances on time
Many Irish charities failed to meet their obligations under governance standards last year, according to the Charities Regulator. Its latest annual report shows that 41% of charities failed to file their annual finances and activities on time. The 11,506 registered charities are legally required to file annual reports within ten months of their financial year-end, […]
Euro zone firms slash loan demand to lowest on record – ECB poll
Euro zone firms’ demand for loans dropped to the lowest on record last quarter and a further decline is likely over the summer as lenders continue to tighten access to credit, the European Central Bank said today based on a survey of big banks. A key input in policy deliberations, the survey is further proof […]
Annual wholesale electricity prices down over 35% in June
New figures from the Central Statistics Office show the price of wholesale electricity in June rose by 11.3% from May, but fell by 35.6% compared to June of last year. The CSO said that the overall Energy Products Index increased by 9% since May of this year but slowed by 33.5% when compared with June […]
‘Consumers feeling strengths as well as strains’
The pressures facing Irish consumers are fading but are far from finished, according to the Credit Union Consumer Sentiment Index, which showed the mood among consumers improved fractionally in July. Economist Austin Hughes said holidays and summer sales likely encouraged a pick-up in spending plans. However, a slight pull-back in household financial circumstances suggests consumers […]
Oil edges higher, buoyed by tighter supplies
Oil prices rose today, buoyed by evidence of tightening supplies and economic stimulus in slow-recovering China. Brent futures were up $1.02 at $80.66 a barrel by 1134 GMT, while US West Texas Intermediate (WTI) crude climbed $1 to $76.65 a barrel. “The supply deficit that had been looming in the second half of the year […]
ECB to raise rates by 25 basis points in July, slim majority say September too
The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom were now also expecting another hike in September. Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last […]
New home construction starts down 16% in June
The number of new homes that building work commenced on in June was down 16% on the previous month. However, compared to June of last year, the number of commencement notices lodged for residential properties was up 25%. In June work began on a total of 2,574 new homes around the country, down from 3,059 […]
‘Embarrassment of riches’ should be spent on capital infrastructure – Goodbody
The chief economist at stockbroker Goodbody said he supports a proposed new capital spending stabilisation fund for the country’s “embarrassment of riches”. “The public finances have been the story of 2023 for the Irish economy,” Dermot O’Leary said. While he acknowledged that a sovereign wealth fund for corporation tax revenue is a good idea, he […]
June sunshine boosted spending in pubs and restaurants
The June sunshine boosted spending in pubs by 28% compared to the previous month, new figures from AIB show. Spending in hotels jumped by 12%, while restaurant spend increased by 7%. The data shows that spending in pubs and restaurants peaked on 24 June, the day of Dublin Pride. “This information is vital for businesses, […]
ECB to raise rates by 25 basis points in July, slim majority say September too
The European Central Bank will raise interest rates by 25 basis points on July 27, according to all economists in a Reuters poll, a slight majority of whom were now also expecting another hike in September. Inflation in the euro zone has almost halved, down to 5.5% in June from a peak of 10.6% last […]
Ireland’s home ownership age gap among the highest in Western Europe – ESRI
Ireland has one of the biggest gaps in home ownership between younger and older people in western Europe, a new study has found. The research by the Economic and Social Research Institute found that nearly 80% of people over the age of 40 in Ireland own their own home, but that just a third of […]
Warning of businesses going bust if VAT goes back to 13.5%
Hairdressers and restaurant owners have warned that if the reduced 9% VAT rate increases back to 13.5% again as planned at the end of August, it will put some out of businesses. In February the Government extended the 9% VAT rate further until September 1 as part of measures to assist those in the tourism, […]