ESRI downgrades house building and domestic growth forecasts
The Economic and Social Research Institute has downgraded its forecast for house building and growth in the domestic economy for this year. It is the second organisation to reduce its projections after the Central Bank reached a similar conclusion last week. The ESRI said it expected 33,000 homes to be built this year, which is […]
Widespread concerns among bank staff over AI – survey
There is widespread concern among staff in the financial services sector over the possible effects of artificial intelligence (AI), according to a new survey. The research was conducted by the Financial Services Union (FSU) and the think tank TASC. It shows that job displacement, lack of reskilling opportunities and bias in decision-making are among the […]
VAT rate for small businesses to be permanently cut in Budget, Harris tells meeting
Tánaiste Simon Harris has told the Fine Gael parliamentary party meeting that the VAT rate for small businesses will be cut permanently in the Budget. The party has previously signalled that VAT cuts were on the way for food and entertainment businesses as well as hairdressers. A spokesperson said that the detail of any cuts […]
Less people saving, more worried about global recession
Less people are saving, and more are worried about the risk of a global recession, according to new research by Bank of Ireland. The Savings and Investment Index shows that the risk of a global recession is the biggest concern for Irish households, ahead of the cost of housing, rent and inflation. “The increase in […]
Oil prices rise as investors assess Iran-Israel ceasefire
Oil prices climbed today as investors assessed the stability of a ceasefire between Iran and Israel, but held near multi-week lows on the prospect that crude oil flows would not be disrupted. Brent crude futures rose 85 cents, or 1.3%, to $67.99 a barrel at 0341 GMT, while US West Texas Intermediate (WTI) crude gained […]
One third of companies see gender pay gap reducing – CIPD
One third of reporting organisations see the gender pay gap reducing, according to research by the Chartered Institute of Personnel and Development (CIPD). The third and final cohort of organisations prepares for its first deadline later this year. The Gender Pay Gap Information Act 2021 requires organisations to report on their hourly gender pay gap […]
How did Ireland become Europe’s second most expensive country?
Analysis: We’re near the top of this league table due to economic growth, rising demand, government policies and unique socio-geographic characteristics Ireland is the second most expensive country in Europe, a fact that probably doesn’t surprise many people living here. Only Denmark had a higher consumer price level, with the cost of Irish goods and […]
ECB could still cut rates despite oil market volatility, policymaker Villeroy tells FT
The European Central Bank can further cut interest rates at a time of huge volatility in energy markets, policymaker Francois Villeroy de Galhau told the Financial Times in an interview published today. “If we look at the present assessment of markets so far, inflation expectations remain moderate,” he said, adding that a confirmation of ceasefire […]
Brexit the ‘stupidest thing any country has ever done’ – Michael Bloomberg
Billionaire Michael Bloomberg has told an audience in Dublin that Brexit was the single stupidest thing any country has ever done, adding that “it’s hard to believe how they did it.” Mr Bloomberg was addressing a conference entitled ‘The Bloomberg Advantage: Future of Finance in Ireland’ which was held in Bloomberg’s Dublin offices. “Ireland has […]
House asking prices rose by average of 12% in last year
Asking prices for houses have risen by an average of 12.3% to €357,851 in the past year, according to the latest Daft.ie House Price Report. The report notes that this rate of house-price inflation is the highest since the Central Bank’s mortgage-lending rules were introduced in 2015. The rules, which are still in effect, limit […]
Will Iran-Israel conflict mean a rise in Irish petrol prices?
Analysis: Two key factors will determine if oil prices – and the price you pay for petrol and diesel – increase a little or rise a lot this week The price we pay for petrol and diesel in Ireland is significantly influenced by events occurring thousands of kilometres from our shores. This week, it is […]
Most workers expect pay rise this year – survey
Six out of ten workers in Ireland expect a pay rise this year, according to a survey by FRS Recruitment. That came as employees here felt more confident in their roles, with only 38% fearing for their job security compared to 47% a year ago. At the same time, 70% of workers believed they could […]
First time buyer property and mortgages rise significantly – BPFI
One in three first time buyer (FTB) homes were valued over €400,000 in 2024, three times the 2019 share, according to the latest BPFI mortgage report. The Mortgage Market Profile Report H2 2024, by Banking and Payments Federation Ireland shows that there has been a significant increase in FTB property and mortgage values between 2019 […]
EU increasingly resigned to 10% baseline tariff in US trade talks, European sources say
European officials are increasingly resigned to a 10% rate on “reciprocal” tariffs being the baseline in any trade deal between the US and the European Union, five sources familiar with the negotiations said. President Donald Trump has announced wide-ranging tariffs on trade partners and wants to reduce the US goods trade deficit with the EU. […]
UK budget deficit undershoots official expectations
Britain’s government borrowed less over the first two months of the 2025/26 financial year than official budget forecasters had expected, helped by an influx of taxes paid by businesses after a recent hike in social security contributions. Official data today showed public sector borrowing for May stood at £17.686 billion. While a Reuters poll of […]
Central Bank revises down housing and growth forecast
The Central Bank is revising downwards its forecast for how many homes will be built this year and over the following two years. It expects 32,500 will be finished this year, a reduction of 1,500 on its previous forecast last March. It says 37,500 will be completed next year, down 2,500 from its last projection, […]
Swiss National Bank cuts interest rates to zero
The Swiss National Bank cut its interest rate to zero today in response to falling inflation, appreciation pressure on the Swiss franc and economic uncertainty caused by the US administration’s unpredictable trade policy. The SNB reduced its policy rate by 25 basis points from 0.25%, as expected by markets and a Reuters poll. It was […]
US added over 1,000 new millionaires a day last year – report
Wealth grew disproportionately quickly last year in the US, where over 379,000 people became new US dollar millionaires, more than a 1,000 a day, a new report shows. Private individuals’ net worth rose 4.6% worldwide, and by over 11% in the Americas, driven by a stable US dollar and upbeat financial markets, the 2025 Global […]