Levy being introduced on use of disposable coffee cups
A levy on disposable coffee cups will be introduced in the coming months in an effort by the Government to cut their use. The Circular Economy Bill published this morning is aimed at reducing waste and influencing behaviour. It also paves the way for use of CCTV to detect and deter illegal dumping and littering. […]
Used car asking prices are now 30% higher than a year ago
The ongoing supply pinch in the used car market is continuing to force prices higher, with asking prices for pre-owned cars climbing 7.9% in the first three months of this year compared to the same period in 2021. That is according to listings website DoneDeal, which said the inflation represents the tenth consecutive quarter that […]
Average house selling for above asking price – daft.ie
Properties in Ireland are on average selling for over 3.5% above their asking prices at the moment, according to an analysis of the market by the property website daft.ie. This time last year, the gap nationally had been just 0.4%. In early 2020, the typical transaction price was 0.5% below the listed price, the analysis […]
Mortgage switching volumes up over 40% on last year
There was strong growth in mortgage approvals in February with switching volumes up 42% year-on-year, according to the latest figures from Banking and Payments Federation Ireland. A total of 3,894 mortgages were approved last month. First-time buyers (FTBs) were approved for 2,053 mortgages, 52.7% of the total volume, while mover purchasers accounted for 848, almost […]
Cabinet gives go-ahead for new private sector pension scheme
The Cabinet has agreed to draft legislation which will pave the way for a new pension scheme for private sector workers. It is estimated that just 35% of private sector workers have a pension, something which makes Ireland an outlier internationally. The new scheme will cost the Exchequer almost €3 billion every ten years and […]
All employers will have to offer sick pay under proposed new laws
The Cabinet has signed off on proposed new laws on sick pay, that will make it mandatory for all employers to offer a minimum level of cover. The Sick Leave Bill 2022 will now be published and will begin its passage through the Houses of the Oireachtas. The new laws will start to come into […]
SIPTU conference to hear renewed call for pay increases
Members of SIPTU, the country’s largest trade union, will gather in Sligo today for their Biennial Delegate Conference. The union is expected to renew calls for pay increases to reflect the rising cost of living. The conference will run until Thursday with more than 50 motions to be debated and voted on. Today, topics will […]
Banking and customer service dominated FSPO complaints last year
More than half of all the complaints lodged with the Financial Services and Pensions Ombudsman (FSPO) last year were about banking, with customer service issues the main driver. The FSPO’s Overview of Complaints for 2021 also shows that nearly a quarter of the total complaints received by it related to mortgages. Among them were 250 […]
Asking house price inflation rises to 12.3% nationwide – MyHome.ie
Annual asking price inflation for housing is now running at 12.3%, according to the latest research from property website, MyHome.ie. It follows an increase in asking prices nationally of 2.4% during the first three months of the year, the property listings service claims. Outside Dublin, asking prices were 2.7% higher in the first quarter compared […]
Digital divide accelerated by Covid pandemic
Ireland’s older and poorer populations risk being left behind unless action is taken to address the nation’s digital divide, according to a new report. The 2022 Accenture Digital Index has found that the Covid-19 pandemic has led to an acceleration of the digital divide – the gap between the digitally engaged and disengaged. “The pandemic […]
Diesel shortage in Europe threatens to slow economic growth
European economies face the risk of a shortage of diesel, the preferred fuel for heavy industry, as sanctions on Russian energy threaten to disrupt imports while supply from elsewhere remains limited. Russia is Europe’s largest supplier of diesel and related fuels. It sends over three quarters of a million barrels per day for use in […]
85% of employers facing skill shortages – report
85% of employers in Ireland are having to contend with skill shortages, according to a new report. The study was carried out by CIPD Ireland, the professional body for HR and Learning & Development. The latest results from the organisation’s “HR Practices in Ireland” study show 36% of employers cite “significant shortages” when it comes […]
Inflation hit to households to average €2,000 this year – KBC
Consumer sentiment plummeted in March, according to KBC Bank Ireland, in what was the biggest month-on-month drop in confidence since the onset of the pandemic. There was a full ten-point drop in the index bringing it from 77 in February to 67 this month. While not as pronounced as the 34.7 point drop in April […]
Euro zone business growth stronger than expected in March – PMI
Euro zone business activity has been stronger than expected this month, a survey showed today, although prices also rose at a record pace. This will likely add to pressure on the European Central Bank to raise interest rates. Some of that growth came from a rebound following the lifting of Covid restrictions, and the outlook […]
Energy security crucial to investment and competitiveness – NCPC report
Ireland has among the highest rates of dependency on imported sources of energy in Europe, although dependency has declined in recent years. This is according to a report on energy security from the National Competitiveness and Productivity Council. The Council has called for an urgent focus on projects to help diversify energy supply sources, as […]
Government announces new law for ‘mass harm’ of consumers
The Government has announced plans for a new law that will make it easier for consumers to group together and seek redress if they have been affected by a breach of their rights, either in Ireland or in another EU country. The legislation will give designated qualified entities new powers to take enforcement action on […]
New housing commencements up 20% in February
Commencement notices for new residential homes last month hit their highest rolling 12-month total since the recording of the data began in 2004. According to the Department of Housing, Local Government and Heritage, notification was received during February that work was to begin on building 2,237 new houses and apartments. That represented an increase of […]
ESRI says inflation could peak at 8.5% this summer
The Economic and Social Research Institute has lowered its forecasts for growth in the economy this year and increased its outlook for inflation as a result of the ongoing war in Ukraine. In its latest Quarterly Economic Survey, the ESRI said inflation could peak at 8.5% this summer before averaging out across the year at […]