Archive for December 2022

The Irish Congress of Trade Unions (ICTU) is expected to tell the Oireachtas Committee on Social Protection today that the Government’s new auto-enrolment pension scheme should include young and low-paid employees as well as sole traders. In October, the Government approved details of the new auto-enrolment scheme ahead of its expected introduction in 2024. Workers…

The rate of household savings fell in the third quarter of this year to 19% of disposable income, according to data published by the Central Statistics Office today. This was down on the 20% reported in the second quarter. This level is still high compared to pre-pandemic savings rates, which were around 10% according to…

Businesses that are seeking assistance with meeting the cost of rising energy bills can now submit claims under the Government’s support scheme. Revenue has said eligible firms which have already registered for the Temporary Business Energy Support Scheme (TBESS) can now lodge applications for the grant funding. Under the €1.2bn plan, businesses can recoup up…

A new survey from the Central Statistics Office shows that 96% of respondents are concerned about the current cost of living, with 56% being very concerned. The CSO’s “Our Lives Our Money” Pulse Survey also shows that 63% of respondents believe they are in a worse financial situation now than they were a year ago.…

Euro zone business activity declined for a fifth month in November, suggesting the economy was sliding into a mild recession as consumers cut spending amid surging inflation, a survey showed. S&P Global’s final composite Purchasing Managers’ Index for the euro zone, seen as a good guide to economic health, nudged up to 47.8 in November…

The European Central Bank will have to raise interest rates several more times to tame price pressures, even if headline inflation is now close to its peak, ECB chief economist Philip Lane told Italy’s Milano Finanza newspaper today. “We do expect that more rate increases will be necessary, but a lot has been done already,”…

A record €5 billion in corporation tax was collected in November, according to the latest Exchequer returns, the biggest monthly figure ever. The tax take, underpinned by a booming multinational sector, means the Exchequer has already passed the Budget Day target of €21 billion in corporation tax for the full year. It also represents a…

Consumers are set to spend more this Christmas but plan to be less reliant on debt, according to research by the Competition and Consumer Protection Commission. Consumers are expecting to spend an average of €1,200 on Christmas shopping this year. That compares to an average of €1,000 last year. Households with children are due to…

The economy grew by 2.3% from July to September of this year when measured by Gross Domestic Product. However, activity in the domestic economy measured by Modified Domestic Demand fell by 1.1%. Ireland’s economy was, again, the best performing economy in Europe in the third quarter of this year. On an annual basis, the economy…

Eight out of 10 car and home insurance consumers engage with their provider on renewal and one in four switch, according to research conducted by the Central Bank of Ireland. The findings are included in an Economic Letter entitled, “Engagement, switching, and digital usage in consumer and insurance markets: who does it and why it…