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 […]
Tánaiste to discuss recommendations on pay, conditions at gender equality committee
Tánaiste Leo Varadkar is to appear before the Oireachtas Committee on Gender Equality today to discuss the recommendations of the Citizens’ Assembly on Gender Equality regarding pay and workplace conditions. In its report, the Citizens’ Assembly recommended that the State should set targets in legislation to reduce the hourly gender pay gap to 9% by […]
At a glance: Here are the key points from Budget 2023
The Government has pledged to spend billions – but how much of all this extra monetary support will make it into your pocket? With winter looming amid an unprecedented cost of living crisis, now is the time for people to plan their own family budgets for the months and year ahead. Here are some of […]
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 […]