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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…

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 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…

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…

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…

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…

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…

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…

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…

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…