Archive for September 2020

Employers’ group Ibec has called on the Government to provide an additional €6 billion in supports for businesses in the upcoming Budget. In a pre-Budget submission, Ibec said the economy “is not yet ready to carry itself” and that the Irish business model faces its most significant challenge in over half a century. Ibec said the Government could and should…

The Governor of the Central Bank has said price inflation experienced by households may be higher than what is officially measured. Gabriel Makhlouf also said that Covid-19 has highlighted the impact of globalised supply chains, digitalisation and the “interplay between fiscal and monetary policy”. The Central Bank Governor made his comments during an online speech…

A presentation by the Department of Finance’s chief economist describes the fall in the economy in the second three months of this year as ‘the largest economic contraction on record.’ It also warns that budgetary policy will have to walk a ‘fine line’ between support and ‘fiscal sustainability.’  Chief Economist John McCarthy’s presentation to the…

The European Union is set to delay a decision on allowing clearing houses in London to continue clearing euro transactions for EU-based clients due to Britain’s plan to breach part of the Brexit divorce settlement, a derivatives industry source said.  Brussels had said it would grant Britain “time-limited” access to euro derivatives clearing from January…

Retailers are fearful that weak sterling will help fuel a surge in online shopping at UK websites in the run-up to Christmas – exacerbating the disastrous impact the pandemic has had on their businesses. The value of sterling plunged this week as talks between London and Brussels on a trade deal faltered, making it more…

The Government will introduce new laws to screen foreign direct investment (FDI) coming to Ireland, Enterprise, Trade and Employment Minister Leo Varadkar has confirmed. The legislation will be brought in to give effect to a European Union regulation and is seen as an important tool to tackle concerns that strategically important assets – including research…

ánaiste Leo Varadkar has said Ireland may be close to the level “at which we can live with the virus”. He said the overriding imperative right now is to keep the virus suppressed to avoid “if possible” a second lockdown.  The Tánaiste made his remarks at the Dublin Economics Workshop this afternoon.  He said he did…

The Government has pumped too much cash to households during the Covid-19 crisis and should find a way to “extract” money that has ended up in savings accounts, according to the head of employers’ group Ibec. Ibec chief executive Danny McCoy told an event organised by the Dublin Economics Workshop that the best way to…

Britain today said it had secured its first major post-Brexit trade agreement – a free trade deal with Japan – the day after bitter wranglings with the European Union.  The Department for International Trade said the deal will increase trade with Japan by some £15.2 billion.  The UK-Japan Comprehensive Economic Partnership Agreement was agreed in…

The UK economy grew for a third month in a row in July as pubs, restaurants and other sectors reopened after the coronavirus lockdown, but it remained around 12% smaller than its pre-pandemic level.  After crashing by a record 20% in the second quarter, output expanded by 6.6% in July, slower than June’s monthly rate,…