Gap between electricity demand and supply likely to get worse – EirGrid
The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]
Gap between electricity demand and supply likely to get worse – EirGrid
The electricity system will face a shortfall of supply over demand for the next decade, according to grid operator EirGrid. Its annual Generation Capacity Statement, published today, describes the situation as “stark” and “serious” and warns the number of system alerts will increase. Eirgrid’s chief executive said there will be a ‘tight’ winter ahead and […]
Residential property market may be overvalued by 7%, ESRI warns
The Economic and Social Research Institute (ESRI) has warned that the residential property market in Ireland may be overvalued by over 7%. In its latest Quarterly Economic Commentary, the think-tank says it is likely that savings built up over the pandemic found their way into the market but this will not be sustained over the […]
Sterling softens after UK PM Truss speech
Britain’s pound weakened against the dollar today, ending a six-day rally but avoiding recent lows as British Prime Minister Liz Truss sought to overcome a chaotic first month in office with her speech to the annual Conservative party conference. Truss urged Conservatives to stick together and help transform the economy and the country, as she […]
Lower growth next year but no recession – Central Bank
The Central Bank has reduced its forecasts for growth in the domestic economy next year and raised its outlook for inflation. However, its latest Quarterly Bulletin says the economy will not fall into recession and it expects the labour market to remain strong. Inflation has become more widespread and energy prices will be higher for […]
Overall tax revenue to end of September just under €58bn
Overall tax revenue for the first nine months of the year came in at just shy of €58 billion, the latest Exchequer Returns from the Department of Finance show. It was up over a quarter on the same period last year. All of the tax headings performed strongly with income tax receipts up 16% on […]
Cabinet signs off on plan for three €200 energy credits
The Cabinet has approved a plan to pay three electricity credits to every household over the next six months. It is expected that the €200 credits will be paid in November, January and March. Minister for Public Expenditure Michael McGrath said the Government has to ensure the energy credit payment is implemented “smoothly”. He also […]
Govt to discuss how €200 energy credits will be paid
The Cabinet is to discuss how the energy assistance measures in Budget 2023 will be implemented. Minister for the Environment, Climate and Communications Eamon Ryan will bring a memo to Government outlining how the three €200 energy credits for all households will be paid. One credit will be paid before Christmas and two afterwards. A […]
IMF to consider emergency funding for Ukraine
The International Monetary Fund’s executive board will consider Ukraine’s request for $1.3 billion in additional emergency funding on Friday as Russia’s war against the country continues, two sources familiar with the matter said. IMF staff have prepared the necessary documents and believe Ukraine has received sufficient financial assurances from its global partners to meet the […]
Updated finance strategy sets target of 5,000 new jobs
The Government has set a target of growing the level of employment in the international financial services sector by 5,000 net by 2026. The target is contained in an update to the Ireland for Finance strategy, which sets out the future development of the sector over the next four years. The Government says it will […]
UK government in U-turn on 45% tax rate
British Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have, in a dramatic U-turn, abandoned a plan to abolish the top rate of income tax for the highest earners. Ms Truss and Mr Kwarteng announced a new “growth plan” on September 23 that would cut taxes and regulation. The plan would be funded by vast […]
Euro falls after inflation data but heads for weekly gain
The euro dropped today after inflation in the euro zone hit a record high, but was heading for a weekly gain on hawkish signals from the European Central Bank as some calm returned to foreign exchange markets at the end of a wild week. Sterling was also lower as end-of-quarter demand boosted the dollar. But […]
Coining it: What currency shifts mean for Ireland
The euro has been drifting against the dollar for some time now, but has been getting stronger against sterling for months. But what this means for consumers – and particularly businesses – can be hard to pin down. When it comes to currencies, there’s always two sides to the coin. What’s happening with sterling? The […]
Once-off Budget measures will insulate ‘most households’ – ESRI
The package of once-off measures announced as part of this week’s Budget will insulate “most households” from higher energy prices this winter, according to the ESRI. The analysis, which will be presented at a post-Budget briefing today, also warns that unless the once-off measures are repeated next year, many low-income households will see real cuts […]
Euro zone inflation hits record high of 10%, raising pressure on ECB
Euro zone inflation zoomed past forecasts to hit a fresh record high this month, reinforcing expectations for another jumbo interest rate hike from the European Central Bank in October. Price growth in the 19 countries sharing the euro accelerated to 10% in September from 9.1% a month earlier, data from Eurostat showed on Friday, beating […]
Covid-19 higher rate illness benefit ends
A higher rate of illness benefit for people who miss work due to Covid-19 comes to an end today. The Enhanced Illness Benefit (EIB), paid at €350 per week, was available to workers who were told to self-isolate or restrict their movements by a doctor. If someone receives a Covid-19 diagnosis, or has been advised […]
Switching activity drives growth in mortgage approvals
Just over 5,500 mortgages were approved in August, up 5.5% on the previous month and 21.3% compared with the same period last year. New figures from Banking and Payments Federation Ireland show that almost 45% of the mortgages approved were for first-time buyers, while just over 20% were for mover purchasers. In total, the mortgages […]
Stocks bounce but sterling slippery after BoE buys bonds
Asian share markets rose today after Britain’s central bank launched an emergency bond buying programme to stabilise a furious sell-off in gilts, though trade was skittish and sterling remained under pressure. The Bank of England said it will buy as much as £5 billion a day of long-dated government bonds until October 14. It spent […]