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Budget measures could see 35,000 new homes a year – CIF
The supply of new homes here could reach the required 35,000 per annum within years, as a result of initiatives announced in Budget 2021, the Construction Industry Federation (CIF) says. It estimates that 9,000 homes could be built through the new affordability scheme announced by the Government yesterday. These would otherwise not have been constructed…
Read MoreJohnson to set out position on Brexit negotiations
British Prime Minister Boris Johnson will today set out his position on the future of the Brexit negotiations. Last night, there was a firm message from EU leaders in Brussels that the UK had to compromise on the key outstanding issues if there was to be an agreement. The UK’s chief negotiator David Frost said…
Read MoreSterling falls as EU leaders press for elusive Brexit trade deal
Sterling weakened today as traders worried about the obstacles keeping the European Union and Britain from reaching a Brexit trade deal. The pound has risen in recent sessions, propelled by a sense that Britain and the EU, whose leaders are meeting today, will secure a trade deal by December 2020, when Britain’s transition period after…
Read MoreTánaiste says Govt may review PUP cut plans in January
The Tánaiste has indicated that the Government would review the plan to further reduce the Pandemic Unemployment Payment in January if the country is still in the teeth of the pandemic. Speaking during Leaders’ Questions in the Dáil, Leo Varadkar said the moving of Donegal, Monaghan and Cavan to Level 4 was a bitter blow to people there but…
Read MoreDomestic growth lagged pre-Covid
Multinational corporations (MNCs) were already outpacing indigenous firms in Ireland before Covid made business conditions more difficult for the domestic sector. Sectors dominated by foreign-owned companies – such as IT and pharmaceuticals – grew by 6.9pc in 2019, while domestic sectors grew by 4.5pc, according to gross value added (GVA) figures from the Central Statistics…
Read MoreEU summit to say Brexit progress ‘still not sufficient’
European Union leaders meeting in Brussels tomorrow and on Friday to discuss Brexit will say that progress in talks with Britain is “still not sufficient” to seal a new trade deal, according to a draft summit decision seen by Reuters. As the year-end deadline approaches to put in place a new relationship, the 27 national…
Read MoreTourism VAT rate cut to 9% from 13.5%
The VAT rate for the hospitality and tourism sector will be cut from 13.5% to 9% with effect from November 1, Minister for Finance Paschal Donohoe has announced. He said he was making the VAT cut in recognition of the “unprecedented challenges” facing particular sectors of the economy. As part of the July Stimulus, the…
Read MorePUP may be extended beyond April but at a level affordable over long term: Humphreys
The Pandemic Unemployment Payment (PUP) may be extended beyond its end date of next April, Social Protection Minister Heather Humphreys has suggested. Speaking in the Dáil, she said: “Nobody can predict the trajectory of the virus and it may well be that the payment will be needed beyond next April which is all the more…
Read MoreEurozone facing ‘tougher’ time, says ECB chief economist Lane
The Eurozone economy is facing a “tougher” period than in spring as the pandemic continues to heap pressure on members, according to former Central Bank of Ireland governor Philip Lane, now chief economist with the European Central Bank (ECB). But Mr Lane has insisted in an interview with the Wall Street Journal that the ECB…
Read MoreLower than forecast budget deficit of €21bn expected this year
The Government expects to run a budget deficit this year of just over €21bn or 6% of GDP. This figure is lower than forecast, largely due to stronger tax receipts running 15% ahead of expectations. The figures are contained in the White Paper, which lays out the public finances ahead of any decisions that may…
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